Ekerete Gam-Ikon, deputy commissioner for Insurance, Finance, and Administration, has said that innovation, technology, and infrastructure have been proposed as the three critical forms of action to ensure sustainable progress in the Nigerian insurance industry.
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He said this while representing Olusegun Omosehin, commissioner for Insurance/CEO of the National Insurance Commission, at the BusinessDay Insurance Conference themed ‘Resilience and Growth in Uncertainty: Charting the path for Nigeria’s insurance industry’
“To ensure sustainable progress, we propose three critical forms of action. One of it is innovation for inclusion; we must liberate technology to extend coverage to the underserved, and we need to better build an infrastructure that protects insurance coverage,” he stated.
“We pledge our collective commitment to advancing Nigeria’s insurance industry amid an increasingly complex and uncertain world,” Gam-Ikon said, while stating that the insurance industry is at a time where it is grappling with heightened uncertainty, ranging from geopolitical instability and climate-related disasters to rapid digital transformation and to opposing economic indicators across the world.
Tayo Fagbule, editor of BusinessDay Media Ltd, while giving the welcome address, stated that Insurance is one of the largest financial sectors. “Penetration of insurance in Nigeria is under 1 percent of GDP, and if it increases by more than one percent, there are opportunities, and it is about a change of mindset.
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“BusinessDay is proud to convene this platform and hopes the ideas generated will lead to policies,” he stated.
