The National Insurance Commission has outlined major initiatives to drive the industry’s growth this year, NIKE POPOOLA reportsAs part of its strategic focus this year, the National Insurance Commission says it will be guided by internal and external factors impacting its operating environment. Others, he added, were development of agricultural index insurance; market development; actuarial capacity development; financial inclusion (micro-insurance and Takaful); bancassurance authorisation; and Anti-Money Laundery/CFT. Ultimately, the NAICOM, vowed to facilitate the emergence of strong, financially sound insurance companies, through capacity building and issuance of an RBS framework to the insurance industry. According to the commission, five insurance companies have been issued approval to offer agric index insurance and training conducted on it. “An actuarial development committee was constituted to develop an actuarial development framework for the Nigerian insurance industry.

Source: Punch January 11, 2020 23:03 UTC