National Insurance Commission: Recent Developments and Challenges
Explore the recent developments and challenges discussed at the 2018 Capital Market Committee meeting of the National Insurance Commission in Nigeria. Issues such as microinsurance guidelines, collaborations for agricultural insurance, Bancassurance, and more are highlighted, along with factors driving these developments and future deliberations.
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Presentation Transcript
2018 CAPITAL MARKET COMMITTEE MEETING NATIONAL INSURANCE COMMISSION S preSeNtatION
RECENT DEVELOPMENTS FROM LAST CMC MEETING Inauguration of the Governing Board of the National Insurance Commission Released the revised guidelines for Microinsurance operations in Nigeria in January 2018. Granted product approval to 5 Insurance Companies participating in the Index- Based Agricultural Insurance (IBAI) pilot scheme. Collaborating with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) on the initiative. Bancassurance Six (6) applications have been approved In February 2018, the Commission organized a one-day Interactive Session with major Consumers of Insurance Products 1stAnnual Insurers Committee Retreat was held in Feb 2018. Hosted a seminar for Insurance Correspondents in Benin, Edo State to apprise them of developments in the insurance industry
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 Need to Repositioning the Nigeria Insurance Industry for Self Actualization and Growth
CHALLENGES / NEXT STEP Delay in obtaining references on Bancassurance applicants from the CBN as required by the provisions of Section 3(3) of the Guidelines.
