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Lack of study materials hinders insurance development – NAICOM CEO

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By Favour Nnabugwu
COMMISSIONER for    Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM, Alhaji Mohammed Kari, has blamed the lack of studying materials in the insurance industry as one of the challenges inhibiting the development of the country insurance sector.

Kari said this at the book launch of ‘Insurance in Practice-All you need to know about insurance in Nigeria’, authored by Mrs. Funmi Babington-Ashaye, deputy president of the Chartered Insurance Institute of Nigeria in Lagos.   

Kari said if  more professionals could take a cue from the author of the book, it will go a long way to bridge the current knowledge gab in the industry.

According to him, “the lack of local study materials has been one of the major challenges confronting the development of insurance professionals in the country which I strongly believe would be reversed if more Professionals would sacrifice time to produce materials in this subject.”

The CFI charge the current operators to find time amidst their tight schedules to put together their experiences and knowledge of the sector.

“This, I believe, will go a long way in encouraging the populace, particularly the teaming youth to begin to see insurance from a different perspective. This book will certainly be of a great value and importance to the Insurance and non-insurance stakeholder alike,” he stated.

Babington-Ashaye said in her 30 years of working experience in the insurance industry, she has been burdened with how to make insurance policy wording simple.

She stated: “In all these years, one critical issue which continued to stir up my conscience and professional thoughts was: the need to make insurance simple, inviting and a strategic part of any business and individual plans”

“From my experience, it is difficult for Insurance companies to admit, but it is true, that there is a gap between them and their huge stakeholders.”

Kari had also indicated NAICOM’s plans to unveil a policy that will set the pace for actuarial development in the country.

He said the dearth of actuaries in the sector gingered the regulatory body to come up with a way to end the scarcity, stating, “Very soon the Commission would be revealing a new policy geared towards the fast track development of actuarial professionals.”

Part of the policy will include a combine a national scholarship scheme for actuarial students and a calculated infrastructural initiative to upgrade a local facility that would qualify for appropriate exemption by the Faculty of Actuary so that more student can obtain the required training and examination locally.

 

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