Elumelu advocates for an increase in Life insurance to N20 billion as well as N30 billion for Non-life Insurance

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This revealed at the 2023 NAICOM’ Conference in Abuja

A two day National Insurance Commission (NAICOM) Conference 2023, with
the theme, ‘Redefining Safety Conference 2023 has ended in abuja.

The programme which kick-started from October 22nd, came to a climax
on Tuesday 24th October, 2023, saw stakeholders and notable power
houses in the building and construction sector as well as other
sectors converge to brainstorm on the promotion and improving of
safety in the construction sector of the nation’s economy.

In his address at the event, the Commissioner for Insurance, Mr Sunday
Thomas said that the total assets of the industry grew from an asset
base of N827.5bn in 2014 to N2.33trn in 2022.

Thomas who is also the Chief Executive Officer of the National
Insurance Commission (NAICOM) disclosed this at the two day national
insurance conference with the theme, “Redefining safety: Insurance
solutions for public buildings and buildings under construction.

He said over the next decade (2024-2033), the Insurance industry will
seek to continue its transformation journey along the following Seven
strategic thrusts with the objective of achieving the corresponding
goals.

He said the Commission, under his leadership, has remained resilient
and focused on implementing initiatives that will foster development
of the Nigerian insurance industry and align its fortune with that of
the nation as the Africa largest economy.

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He said NAICOM has ensured improved safety and soundness of the
Nigerian insurance sector to continue to de-risk economic activities
of Nigerians through the enhancement of prudential regulatory tools
and good corporate governance practices.

He also said the Commission has opened up the insurance supply-side
through licensing of twelve additional new entrants and expansion of
insurance distribution channels.

On his part, the Founder/Chairman, Heirs Holdings Group, Mr. Tony
Elumelu, proposed an increase in the capital base of insurance
companies to enable them to create a much-expected impact in the
economy as well as deepen penetration.

Elumelu specifically advocated for an increase in Life insurance to
N20 billion as well as N30 billion for Non-life insurance – as well as
raising the capital base of insurance brokers to N1 billion.

This was just as the Minister of Finance and Coordinating Minister for
the Economy, Mr. Wale Edun, said the administration of President Bola
Tinubu will continue to support market development initiatives of the
National Insurance Commission (NAICOM) and ensure budget provision for
the insurance of strategic national assets as well as giving
consideration to insurance in all national development planning.

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About Francis Xavier 112 Articles
a political analyst and 9News Nigeria Abuja correspondent.

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