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The Nationwide Insurance coverage Fee (NAICOM) has urged African governments to affix forces to enhance insurance coverage business efficiency by implementing the required insurance policies and assist that can drive development and assist to enhance the sector.
NAICOM’s Commissioner for Insurance coverage, Sunday Thomas, acknowledged this whereas charging the newly elected president of the African Insurance coverage Group, Tope Good, to embrace collaboration with stakeholders. He mentioned this can be a main aspect in scaling the insurance coverage business in Africa just like the banking and telecommunication sector.
Noting that there’s a want to enhance the insurance coverage efficiency from the present underperformed degree to march with others globally, Thomas charged the AIO president to coordinate authorities throughout the African continent so that every performs its function in making a thriving setting for insurance coverage to develop.
What the NAICOM boss is saying: In line with Thomas, the AIO ought to persuade the federal government to jettison the border barrier to encourage the motion of commerce inside the continent and to advertise wholesome competitors, promote data sharing amongst different targets which are wanted for a thriving market in Africa.
Thomas additionally expressed delight understanding that Nigerian leaders are being attentive to the sector particularly because the Nigerian authorities; greater than ever, is displaying concern for the expansion of the sector by honouring their presence within the AIO convention. He mentioned:
- “The founding father of AIO had a really considerate foresight by ensuring now we have this discussion board that has over time achieved great success in harmonizing the African insurance coverage market and bringing collectively consultants of various insurance coverage services yearly to debate burning points affecting the continent and the remainder of the world. I consider the result of all our deliberations in the previous couple of days will go a great distance in serving to us thrive larger in reaching our objectives and targets.
- “The journey forward might not be all clean, particularly because of the impact of the COVID-19 pandemic and the shapes of our economies throughout Africa presently. Right here is a big process forward of you and your group, however working with you over time has given me confidence that you’re equal to the duty. I can vouch in your arduous work, resilience, foresight, and willpower.
- “The signing of the African continental free commerce settlement has supplied an avenue to foster unity and integration inside the African area. It offers an avenue for the achievement of a standard marketplace for items and providers, guaranteeing free motion of human sources, funding, and know-how.”
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