NAICOM highlights the need for reforms to solve African market concerns

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The National Insurance Commission (NAICOM) has emphasized the importance of regulatory reforms in addressing the difficulties in African insurance markets.

Sunday Thomas, the Commissioner for Insurance, announced last week at the 47th African Insurance Organization (AIO) in Lagos that “the moment for change in the regulatory difficulties in the African insurance markets has come.” “The regulators do not make laws; they are given laws to implement. So, they have limitations in that area. Of course, largely there has to be a lot of collaboration between the regulator and the regulated entities to foster the transformation that we all desire.

“l can tell you how the Nigerian market is. It is not just by accident that we are improving on the technology starting in the Commission. But we need the operators to put up policies in place to drive the markets and these are some of the gaps. But, l must say that the time for change has come for all.”

Mrs. Ebelechukwu Nwachukwu, Chairperson of the AIO 2021 Local Organizing Committee, stated, “There is no doubt that the COVID-19 epidemic has left devastating consequences on various economies, and there are measures being to resolve these difficulties.” “This informed the decision of the LOC to use the opportunity of the 47th AIO conference to contribute to discussions around how insurance can contribute to ongoing efforts at rebuilding economies seriously impacted by the pandemic.”

The COVID-19 epidemic, she claims, informed the conference’s subject, “Rebuilding Africa’s Economy: Insurance Perspectives.”