FG beckons insurance industry in West Africa into the new dawn
CAPTION
L- Group Managing Director of Consolidated Hallmark Insurance, Mr Eddie Efekoha, Commissioner for Insurance, Mr Sunday Olorundare Thomas and the President of the Chartered insurance Institute of Nigeria, CIIN, Mr Edwin Ighiti at the West Africa Insurance Companies Association, WAICA Conference in Lagos
By Favour Nnabugwu
The Federal Government has implored insurance industry in West Africa to Key into the new dawn that awaits the sector
The Honourable Minister of Finance, Budget & National Planning, Federal Republic of Nigeria, Mrs. (DR.) Zainab Shamsuna Ahmed, beckon on the sector today at the ongoing West African Insurance Companies Association (WAICA) Educational Conference 2023 and Celebration of its 50th Anniversary in Lagos.
Represented by Commissioner for Insurance, Mr. Sunday Olorundare Thomas, said that the Federal Government believes in a new dawn for the industry,.
The new dawn, the Minister highlighted would be made possible by leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand and untapped side.
She posited that in modern business environment, disruption plays an integral part of any business. Hence, the 2023 WAICA Educational Conference choice of theme: “Repositioning the Insurance Industry in West Africa for Global Competitiveness” could not have been more propitious in view of the overarching objective behind the African Continental Free Trade Area (AfCFTA) is to accelerate intra-African trade by providing a single market for goods and services, facilitate movement of persons in order to deepen the economic integration and prosperity on the continent as well as boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations
She said that the insurance industry, like other components of the financial system, is changing in response to a wide range of global social and economic forces, adding that in particular, insurance and insurance-linked financial activities are increasingly crossing national and sectorial boundaries.
“Consequently, it has become imperative for the Insurance supervisory systems and practices to continually upgrade in order to cope with these developments to mitigate possible financial and systemic stability concerns arising from the insurance sector as they emerge,” she posited.
The Minister said she was pleased with the stride so far achieved by the West African Insurance Supervisors Association (WAISA) with regards the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) in February, 2022, noting that the college is saddled with the objectives of strengthening cross border insurance supervision through: Creation of an enabling environment via synergies for the insurance sector to flourish and harmonization of regulatory standards; increasing operation of cross border network by branches and/or offshore subsidiaries in the insurance sector.
Some other objectives include enhancing solo supervision of insurance entities by the competent authorities; facilitating group wide supervision; minimizing fraudulent activities in the insurance sector in accordance with the Financial Action Task Force (FATF) principles on Anti-Money laundering amongst others.
