The National Insurance Commission NAICOM highlighted 10 steps that needed to be implemented to move the insurance sector forward.
The Commissioner for Insurance, Sunday Thomas, listed them while delivering a paper at the 2022 Business Outlook organised by the Chartered Insurance Institute of Nigeria in Lagos.
The title of his paper is “Strategies Aimed at Cushioning the Effects of the Covid-19 on the Operations of the Nigerian Insurance Industry and the way Forward.”
Thomas mentioned the first of the steps as risk-based capital approach, which the commission and the Nigerian Insurers Association are set to jointly accomplish.
Others are, standardisation of reports, enhanced investment in digital capabilities and automation, entrenched effective asset liability management, capacity development programmes- actuarial, competency framework and having in place reinforced recovery and resolution plan.
