Connect with us

Business

Experts Canvass For Laws To Ensure Survival Of Insurance, Pension Sectors

Published

on

The Managing Director of APT Securities and Funds Limited, Kasim Garba Kurfi, has charged the government to put in place enabling policies and laws that support the survival of the sectors for them to continue contributing to the nation’s growth.

He described the insurance and pension sectors as the engine of growth of Nigerian economy considering the roles played by the two sectors in sustaining economic growth.

Kurfi, who stated this while delivering the theme paper at the 8th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently, said insurance and pension sectors today stand as engines for sustainable economic growth and forces to reckon with in every economy. The conference’s theme was “Role of Insurance and Pension Sectors In Building Sustainable Economic Growth Under The New Government”.

He highlighted the contributions of the two sectors to the national economy saying, “There is over N2.5 trillion assets managed by the insurance institution in Nigeria as of 31st December 2022.

“While there is over N16.6 trillion assets managed by the Pension Fund Administration as at 31st December 2022, the combination of the two institutions has a total asset of over N19 trillion. The role played by the two institutions in sustaining our economic growth left no one in doubt that they are instruments for most of the economic development

“Over N726 billion in premiums paid in the year 2022 according to the National Insurance Commission, while the industry also paid over N318.1 billion in claims to its customers within the same period. This is a remarkable achievement in comparison with 3.5% growth of Gross Domestic Product (GDP).”

He said insurance institutions give security to the future of the common people and aid economic growth upon happenings or allowance of specific event or disaster.
“Insurance represent promise of the future compensation in case of specific losses or in exchange for periodic payment called premium.

“Managing risk is very important for companies dealing with money or equivalent. The insurance industry promotes National development through wealth creation or protection. It primarily hedges against risk or contingent or uncertain loss.”

On pension, he said, “The contribution of pension funds that run over N16 trillion is pronounced in all phases of life. Many sectors of the economy benefit from excess funds that look for alternative ways to invest such as FGN SUKUK, GREEN BOND, and Infrastructures Bond, among many others.”

Kurfi said Pension ensures that every worker receives his/her retirement benefit as at when due. Ensure workers save in order to cater for future liability and old age. Provide long-term finance for the real sector. Stimulate the development of the capital market.

While condemning those agencies and institutions clamouring to exit Contributory Pension Scheme (CPS), Kurfi enjoined the government at all levels to discourage such moves for the interest of the Pensioners and the nation’s economy.

He said the contribution of insurance and pension sectors towards economic development is imminent and can be seen especially in driving the nation’s financial inclusion project.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Leadway Health HMO Wins Award Again

Published

on

By

Leadway Health HMO has been honoured with the Health Maintenance Organisation (HMO) of the Year award at the Nigerian Healthcare Excellence Awards (NHEA) for the third consecutive year.
This achievement affirms Leadway Health HMO’s position as a consistent leader in delivering innovative, accessible, and customer-focused healthcare solutions across Nigeria. Leadway Health HMO set a new record, one that has never been achieved in the 15-year history of the NHEAwards.
The award, presented in Lagos recently, 2025, celebrates the organisation’s excellence in service delivery, technology integration, unmatched service delivery, and its expanding provider network.
Speaking on this achievement, Chief Executive Officer, Leadway Health HMO, Dr. Tokunbo Alli, stated, “Receiving the HMO of the Year award for the third consecutive year is a deeply meaningful milestone for us at Leadway Health HMO. It is more than an accolade; it is a resounding validation of our commitment to transforming healthcare delivery in Nigeria, Africa, and the world at large.
“In a country where fewer than one in ten people have access to health insurance, we recognise the immense responsibility we carry. Through our investment in digital innovation, operational efficiency, and inclusive health plans, we are not only improving access to quality care but also setting new benchmarks for service excellence within the industry. This recognition reflects the trust our customers place in us and the unwavering dedication of our team and partners who make our vision a reality every day.”
Alli added, “We will continue to scale our hospital partnerships, enhance claims transparency, and leverage technology to deliver even more accessible, affordable, and customer-centric healthcare solutions. This award strengthens our resolve to be at the forefront of Nigeria’s health transformation journey—driving meaningful change, one life at a time.”
Leadway Health HMO’s triple win comes at a time when trust and performance in the HMO sector are under scrutiny. With a growing population, rising healthcare costs, and a national goal of achieving Universal Health Coverage (UHC) by 2030, the company’s performance positions it as a crucial stakeholder in driving Nigeria’s health transformation agenda.
The Nigerian Healthcare Excellence Awards, founded in 2014 by Global Health Project and Resources in collaboration with Anadach Group USA, is the industry’s most respected recognition platform. This year’s edition was themed “Collaborating for Impact: Strengthening Health Systems through the SWAP Approach”, emphasising unified efforts to drive change.

Continue Reading

Business

NAICOM Charges Operators To Ignite Nationwide Conversation About Power Of Insurance

Published

on

By

The National Insurance Commission (NAICOM) has enjoined insurance operators to ensure that they ignite a nationwide conversation about the power of insurance as the inaugural edition of Insurance Week holds across the country.

The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin who spoke in Lagos on Monday, affirmed that the Insurance Week is designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development.

To truly secure Nigeria’s future, he pointed out that “we must educate the public on the benefits of insurance, develop products that meet the needs of all Nigerians, wnsure prompt and transparent claims processing, as well as invest in talent and technology to drive innovation and trust.

At NAICOM, he said the regulatory body is committed to building a strong, inclusive, and globally respected insurance industry, and has been driving reforms to strengthen consumer protection, promote digital innovation, ensure capital adequacy and sound governance, while expanding access to underserved communities.

On why insurance matters, he stated that “In today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more” adding that these uncertainties can disrupt lives and derail national progress.

“Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.
Without insurance, your economy would be more vulnerable, and our people less secure. That’s why this year’s theme, “Insurance for All: Securing Nigeria’s Future,” is both timely and essential” he emphasised.

Omosehin maintained that “The future of Nigeria depends on how well we manage risk. Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.”

The NAICOM boss further urged the nsurance operators to renew their commitment to building an industry that serves the people and supports national development and use every platform—media, schools, communities, and workplaces—to spread the message that insurance is not a luxury; but a necessity.

Continue Reading

Business

Gambian Delegation Visits NAICOM To Understudy Regulatory Approach

Published

on

By

L-R Nyang Madeleine Gomez, Compliance Officer, Central Bank of Gambia, Dr. Usman Jankara, NAICOM Deputy Commissioner, Technical, Drammeh Alieu, Senior Insurance Compliance Officer, Central Bank of Gambia and Mr. Ekerete Ola Gam-Ikon, NAICOM Deputy Commissioner, Finance and Administration, when the Gambian delegation visited NAICOM in Abuja on Monday.

By Sola Alabadan

A delegation from the Central Bank of The Gambia, led by Mr. Nyang Medeleine Gomez, paid a working visit to the National Insurance Commission (NAICOM) on Monday in Abuja, with the aim of fostering regulatory collaboration and exchanging knowledge in key areas of insurance supervision.

The primary focus of the visit was to study Nigeria’s regulatory approach in three critical areas:

*Risk-Based Supervision
*Prudential Frameworks
*Inclusive Insurance

The delegation was received by the Deputy Commissioner for Technical, Dr. Usman Jankara, and the Deputy Commissioner, Finance and Administration, on behalf of the Commissioner for Insurance, Mr. Olusegun Omosehin,
Mr. Ekerete Ola Gam-Ikon expressed NAICOM’s readiness for collaboration and mutual learning.
He described the engagement as a “knowledge-sharing visit,” noting that “no one regulator has all the answers,” and emphasized the importance of peer-to-peer learning in enhancing regulatory capacity across Africa.

In his remarks, Mr. Gomez explained that the visit was intended to:

* Understanding NAICOM’s implementation of a risk-based supervisory system to ensure a stable and resilient insurance sector

* Exploring strategies for expanding insurance access to underserved and low-income populations through inclusive insurance frameworks; and

* Learn best practices in prudential regulation to safeguard policyholders’ interests and uphold public confidence in the insurance market.

In his response, Dr. Jankara reaffirmed NAICOM’s commitment to supporting the Gambian delegation across all areas of interest.
He emphasised that Nigeria’s regulatory framework has evolved significantly, especially in corporate governance, where the Commission has moved from basic compliance to robust enforcement mechanisms.
He further noted that the newly passed Insurance Regulatory Bill, once it receives presidential assent, will contribute meaningfully to the current administration’s goal of achieving a one-trillion-dollar economy.

Dr. Jankara also highlighted NAICOM’s progress in promoting financial inclusion, citing the successful licensing of 15 microinsurance companies and 6 Takaful insurance providers, milestones that reflect growing insurance penetration. He assured the visiting delegation that NAICOM would share its operational templates and regulatory manuals through the appropriate directorates, while continuing engagement with key departments, including Inspectorate, Supervision, and Innovation & Regulation.

Continue Reading