By LOVETH AZODO, Lagos
The National Insurance Commission (NAICOM) has said that the insurance industry will benefit immensely from the accumulated N12 trillion pension assets.
The commissioner for insurance, Sunday Thomas who stated this at the media retreat organised by the commission in Lagos said insurance sector will benefit through investment of part of the pension assets in annuity plan by retiring workers.
He also said the over N9 billion recently released by the federal government for the group life insurance of it’s workforce is a boost to the premium income of the sector.
The NAICOM Boss who recently clocked one year in office revealed that the commission has not been the same since his ascending to office.
According to him, the commission has achieved a lot in the space of a year, however he noted that the commission will not rest on its oars in attaining its target.
“Of course you know that upon the period we have been able to issue five conventional operators, by this I mean 4 insurance company and one reinsurance company and by the way the last insurance company that was admitted into the industry was like 10 years ago and the last 32 years ago. But by the grace of God, knowing where we are going there’s a need to bring in new operators and it was selective,” he said.
Out of the 4 are 3 life insurance operators, today we see that one of the area that is driving insurance is the life insurance and essentially why the south African market dominate the African market is because of its life operations.
On deepening Insurance in the nation economy, he said “We also know that the engagement we have had with the Nigerian content, there is going to be an increase in the oil and gas business.
“As I speak right now, we have a committee that is working on a guideline that will make it mandatory or will enforce the law on Nigerian content, all the leakages will be blocked. What this means is that not just live operations the non-live operations also is expected to grow that is why we are encourage for a reinsurance application which will equip their growth,” he said.