Insurance Industry Development and Challenges Discussed at 2018 Capital Market Committee Meeting
Learn about the recent developments in the insurance industry, factors driving these changes, challenges faced, and next steps discussed at the 2018 Capital Market Committee meeting. Updates include training sessions on Islamic financing, rebranding campaigns, and approvals for new insurance companies. Challenges such as the shortage of actuaries and legislative issues are being addressed, with collaborative efforts underway for industry growth.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
2018 3RDCAPITAL MARKET COMMITTEE MEETING NATIONAL INSURANCE COMMISSION S presentation Wednesday, 14thNovember, 2018
OUTLINE 1. Recent Developments From Last CMC Meeting 2. Factors Responsible for Developments 3. Challenges/ Steps Taken 4. Issues for CMC Deliberation
RECENT DEVELOPMENTS FROM LAST CMC MEETING In September the Commission hosted a training session on Islamic Financing which was facilitated by the Islamic Financial Services Board (IFSB) for the purpose of better understanding of Islamic Finance. The Commission in collaboration with Chartered Insurance Institute of Nigeria (CIIN) hosted the 2018 Professional forum with the theme Insurance Industry Beyond Limits Commenced the Rebranding Campaign of the insurance Sector in June 2018. Thirteen (13) Bancassurance applications have been approved. Two (2) prospective Microinsurance companies and One (1) prospective Takaful company have proceeded to the Mandatory publication in the National Dailies stage ahead of licensing. Granted product approval to 5 Insurance Companies participating in the Index-Based Agricultural Insurance (IBAI) pilot scheme. Awareness session with Board Members and key Management Staff of Insurance Companies on the recapitalization of Insurance Companies: The Tier Based minimum solvency capital.
FACTORS RESPONSIBLE FOR DEVELOPMENTS Issuance of the Microinsurance guidelines would aid financial Inclusion especially for the low income segment. Collaborations with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) will help increase insurance in the agricultural sector. Need to increase access to insurance products. Awareness creation on developments within the insurance sector. Identify the needs and challenges faced by major consumers of insurance products. Repositioning the Nigeria Insurance Industry for Self Actualization and Growth.
CHALLENGES / NEXT STEP Challenges Low number of actuaries in the industry Legislative Issues Poor Perception of the Insurance Industry Next Step Collaboration with the Institute of Faculties of Actuaries (IFoA) UK. Insurance Bill is receiving attention at the Ministry of Justice. Industry Rebranding Campaign commenced in June 2018.
