Insurance Companies In Nigeria Will Play Vital Role Under AfCFTA- NAICOM
The Deputy Executive Commissioner for Insurance, Finance and Administration, NAICOM, Mr. Ekerete Ola Gam-Ikon has said that Nigerian insurance companies will play a crucial role in the African Continental Free Trade Area (AfCFTA).
The NAICOM commissioner said the country’s insurance companies will play the role of loss adjusters for the businesses that will participate in the multi-billion dollar economic bloc.
Ekerete said this on Thursday at the Nigerian Insurance Industry Committee on AfCFTA Workshop.
The theme is Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters.”
Ekerete said the AfCFTA with over 1.3 billion population requires the preparedness of facilitators of business transactions.
The NAICOM commissioner said, “The African Continental Free Trade Area (AfCFTA) offers Nigeria and its insurance industry a game-changing opportunity for growth, prosperity, and market expansion.
“As trade increases, Loss Adjusters will play a crucial role in assessing and managing risks associated with cross-border trade, making their services more in-demand.
“We are therefore required to focus on enhancing our knowledge and skills in areas that gives us competitive advantages and leverage on exchange of skills with international players.”
He said the free movement of goods, services, and people could expand insurance
Nigeria’s operations across borders and increase access to financial services.
“The National Insurance Commission is committed to empowering Nigerian Loss Adjusters in the AfCFTA era.
“However, Adjusters must step up and enhance their services, professionalism, and value proposition to remain competitive. We’ll provide support, but your proactive efforts will determine your relevance.
“For us to stimulate the potentials of AfCFTA in the insurance industry, all stakeholders must remain positive by translating the commitments into actionable outcomes at the national and regional levels,” he added.
He said the trade bloc encourages collaboration among African insurance companies.
“Through this partnerships, Nigerian Loss Adjusters can leverage shared resources, expertise, and technology to improve their service offerings and competitiveness,” he added.
Insurance Companies In Nigeria Will Play Vital Role Under AfCFTA- NAICOM is first published on The Whistler Newspaper
