THE Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Olorundare Sunday Thomas, has called on players in the African insurance market to work as a team if they truly want to make an impact.
He said developing the insurance market across Africa is a necessity but not a choice, adding that there are huge potentials in the insurance industry across the entire continent of Africa.
Thomas said these in his remarks at the gala dinner to mark the just concluded 47th African Insurance Organisation (AIO) Conference and General Assembly in Lagos.
According to him: “It is worthy to say that the African insurance market is in dare need of serious collaboration and synergy now than in other time in the past as we rightly agreed here that we must look inward if truly we want to make an impact. Time has passed that we rely on foreign or international support from the west and other superpowers as the world at large is overwhelmed by so many issues.
“Developing the insurance markets across Africa is no longer a choice but a necessity. Not only in Nigeria that there is huge growth potential in insurance but is over Africa that we can unite and develop insurance business there is a lot our governments will get economically.
He said that the signing of the Africa Continental Free Trade Agreement (AfCFTA) has provided an avenue to foster unity and integration within the Africa region and provides an avenue for the achievement of a common market for goods and services; guaranteeing free movement of human resources, investment and technology.
Thomas charged the new leadership of the AIO to vigorously persuade the governments across the continent to play their roles in providing the necessary support, creating an enabling environment for insurance activities to flourish, continued lifting of border barriers making the movement of resources almost impossible, promote healthy competitions amongst member states and promoting knowledge sharing across the continent among other objectives that will make insurance business thrive within the African markets.
Thomas who commended the out-gone President of the AIO, Mrs Delphine Troare, the entire Executive Committee and the Management for their stewardship, steadfast commitment to piloting the affairs of the organisation in what can be said to be the most trying moments of this decade and indeed for giving us the opportunity to showcase our potentials to the African insurance market and beyond
NAICOM boss thanked President Muhammadu Buhari GCFR for being part of this year’s AIO as the first Nigerian President or Head of State to personally attend any programme of the insurance sector in Nigeria. “We are not taking this for granted and we remain grateful to His Excellency.
“It is also of great joy for me and the Nigerian insurance market to have His Excellency, the Vice President of the Federal Republic of Nigeria Professor Oluyemi Oluleke Osinbajo SAN, GCON grace the Gala night of the 47th AIO Conference. Your excellency, we remain grateful.”
Thomas noted that the presence of the dignitaries at the 47th AIO Conference including the Honourable Minister of Finance, Budget and National Planning Dr Zainab Shamsuna Ahmed and the Executive Governor of Ondo State, Arakunrin Oluwarotimi Odunayo Akeredolu SAN is an indication of a new dawn in the insurance sector in Nigeria.
He said the insurance sector in Nigeria and Africa will leverage the counsel and support of the leadership to up its game and take its rightful place as an instrument of intermediation.
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