Developments in the Nigerian Insurance Industry Presented by National Insurance Commission
Explore the latest updates from the Nigerian insurance industry as presented by the National Insurance Commission in July 2017 and at the Capital Market Committee meeting in March 2025. Discover activities undertaken, industry development plans, resolutions, and initiatives aimed at enhancing insurance services and addressing emerging challenges.
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Presentation Transcript
DEVELOPMENTS IN THE NIGERIAN INSURANCE INDUSTRY PRESENTED BY @ NATIONAL INSURANCE COMMISSION @ JULY, 2017 The Meeting of the Capital Market Committee (CMC) at the Federal Palace Hotel, Victoria Island, Lagos August 15, 2017
March 21, 2025 OUTLINE 1. Activities since last CMC Meeting 2. Industry Development Plan 3. Matters Arising National Insurance Commission 2
March 21, 2025 ACTIVITIES SINCE LAST CMC MEETING 1. Complaints Resolution 2. Mandatory course for Directors of Insurance companies 3. Insurance Industry Consultative Committee ( IICCC) Conference 4. Takaful Advisory Council Committee Meeting 5. Market Development Efforts National Insurance Commission 3
March 21, 2025 ACTIVITIES SINCE LAST CMC MEETING Complaints resolution 215 cases resolved N1.18 billion claims settled National Insurance Commission 4
March 21, 2025 ACTIVITIES SINCE LAST CMC MEETING Insurance industry consultative Committee ( IICCC ) Conference 1. Commitment to increasing insurance penetration 2. NAICOM to hold meeting with industry to resolve all Ease of Doing business Issues 3. Opportunities and risk from InsurTech to be addressed 4. Contribution of Industry to National Development to be enhanced 5. NAICOM to hold CEO and CFO s accountable for Financial Reporting failures National Insurance Commission 5
March 21, 2025 ACTIVITIES SINCE LAST CMC MEETING Insurance industry consultative Committee ( IICCC ) Conference 6. Insurance Brokers, Insurers & NAICOM to Collaborate on rebuilding the industry image Cases of unhealthy competitive practices to be deal with 8. Personnel gaps in actuarial, loss adjusting and other services will be bridged 9. Defective tax structure should receive urgent attention 10. Duplicated regulatory requirements should be resolved 7. National Insurance Commission 6
March 21, 2025 ACTIVITIES SINCE LAST CMC MEETING Takaful Advisory Council Committee Meeting 1. Consideration of product approvals 2. Takaful Guidelines National Insurance Commission 7
March 21, 2025 ACTIVITIES SINCE LAST CMC MEETING Market Development Alternative Market Distribution Channels: Banc assurance application being approved Consultations ongoing on involvement of State Governments in insurance distribution MOU with one government at advanced stage Commission following up offer of support from another Industry working on IT-based platform for 3rd Party Motor Commission still consulting with relevant regulators on referrals arrangements- Telecoms, Stock Brokers, Microfinance Banks, NGOs/ Community Based associations Five year Industry Development Plan in progress 1. a) b) i. ii. iii. c) 2. National Insurance Commission 8
March 21, 2025 INDUSTRY DEVELOPMENT PLAN Agenda Legal and Regulatory Framework 1. 2. Safety and soundness of Insurance Institutions 3. Stability of the Insurance Sector 4. Protection of Policy Holders & Public Interest 5. Insurance Market Development 6. Public Trust And Confidence in the Insurance System 7. Regulatory Effectiveness National Insurance Commission 9
August 15, 2017 National Insurance Commission 10
