The National Insurance Commission (NAICOM) said it has, through its public complaints redress procedure on claims settlement, influenced the settlement of claims valued at N4.2 billion between 2007 and 2015.
The commission also said insurance industry witnessed 35 per cent growth between 2007 and 2010.
The outgoing commissioner for insurance Mr. Fola Daniel who stated this in his valedictory address at a sent forth dinner organised for him by the insurance industry in Abuja said between the year 2007 when he assumed office, till date, the commission has been taking steps geared towards improving the image of the industry by addressing stake holders concerns in insurance.
He said with the adjudication of the claims cases and settlement of such claims to the tune of the figures stated above,insurance consumers’ confidence in Nigeria has witnessed rapid increase.
He said the commission currently in its quest to align with international best practices has commenced a programme to migrate from the current manual supervision to IT- driven supervision through a project tagged e- regulation. According to the commissioner, when fully in operation, it will allow seamless inter- connectivity between the commission and the insurance sector operators.
He said the system will also ensure real- time- direct data capture and timely solvency monitoring.
The project has secured the positive endorsement of the World Bank through the Economic Reforms and Governance Project (ERGP)” and is nearing completion.
Daniel in his elaborate account of his eight years stewardship as Chief Executive Officer of NAICOM said he grew the industry through appropriate regulatory guidelines.
“During my period of service, we utilized effectively all opportunities created by legislation to grow our industry through appropriate guidelines following stake holders participation”.
These according to him include the Group Life Assurance and Annuity business created by the Pension Reform Act and participation in oil and gas business.
At the sent fioth dinner, Daniel was described by the industry operators and his associates as humane,dedicated and team player with great passion for insurance industry growth.
Chairman of the occasion Professor Joe Irukwu speaking on Daniel’s contributions to the industry during his eight years tenure said the insurance industry was characterised by many challenges especially the instability between the regulator and the sector operators.
He recalled that Daniel saw to the amicable settlement of all the disputes in the industry as soon as he assumed office.
He said Daniel’s tenure as commissioner for insurance marked a turning point in the development of insurance industry especially in the area of market conduct and discipline
“Daniel made positive impact in the overall development of insurance industry in his eight years tenure.he kept the industry much better than he met it”, Irukwu testified.