Why Nigerians’ Perception Of Insurance Is Low—NAICOM

Nigerians perception of the country’s insurance business has remained low largely because of the misconduct of some of the players in the sector, the Commissioner for Insurance, Mr. Sunday Thomas, has said.

He said the development has put a greater burden on the Chartered Insurance Institute of Nigeria to a vital role of rebranding and reshaping the ethical behaviours of members.

Thomas, who is also the Chief Executive Officer, National Insurance Commission, made this known while speaking at an investiture of the new president of the Chartered Insurance Institute of Nigeria, Muftau Oyegun.

He said urged NAICOM to ensure that members’ conduct are representative of the core values of the Nigerian insurance sector.

The Commissioner for Insurance said, “Public perception of insurance business still remains very low largely due to the unacceptable professional conduct of very few of our members.”

The commissioner explained that the prevailing coronavirus pandemic had presented new challenges to the country’s insurance sector.

He said the challenges require a shift from the usual way of insurance practice in the country and across the globe.

He said, “Critical times require critical measures. The challenges before the Institute during and post COVID-19 are enormous; how you do your marketing for new members, how you run your education seminars, where and how you conduct your examinations for prospective members will all be affected by the prevailing circumstance.”

He also urged the Institute to embrace technology as one of its key drivers for development.

He said the institute should also be prepared to digitize its processes, procedures and systems in order to make its operations seamless and real time.

Thomas said on the part of the commission, it is still committed to ensuring inclusive development of the country’s insurance sector.

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