Government Support, Collaboration Necessary To Grow Insurance Sector — NAICOM

The National Insurance Commission (NAICOM) has urged African governments to implement necessary policies and support in order to improve the Insurance sector.

Sunday Thomas, NAICOM’s Commissioner for Insurance, made this assertion while charging the newly elected president of the African Insurance Organisation, Tope Smart, to embrace collaboration with stakeholders.

He said this is a major element in scaling the insurance industry in Africa like the banking and telecommunication sector. 

Speaking on growth in the insurance sector, Thomas urrged the AIO president to coordinate government across the African continent so that each plays its role in creating a thriving environment for insurance to grow.

Thomas also expressed delight knowing that Nigerian leaders are paying attention to the sector especially as the Nigerian government; more than ever, is showing concern for the growth of the sector by honouring their presence in the AIO conference.

"The founding father of AIO had a very thoughtful foresight by making sure we have this forum that has over the years achieved tremendous success in harmonizing the African insurance market and bringing together experts of different insurance facilities annually to discuss burning issues affecting the continent and the rest of the world.

"I believe the outcome of all our deliberations in the last few days will go a long way in helping us thrive higher in achieving our goals and objectives."