Experts articulate the future of the insurance sector in sustainable practice

Experts articulate the future of the insurance sector in sustainable practice 6d84afc5 naicom

Mercy Nwoji

Operators in the insurance sector have affirmed that the future of the sector revolves around sustainable insurance practice.

Operators making this claim in the inaugural edition of a speech labeled “Sustainable Insurance Issues and Trends” agreed that providing the right tools and approach to managing global risks related to sustainability, which are environmental, social and governance (ESG) are critical to the survival of the industry.

Speaking from the regulator’s perspective, the Head of the IT Department of the National Insurance Commission (NAICOM), Mr. Abiodun Aribike, revealed that the insurance regulator; NAICOM was using information technology to drive sustainable insurance in Nigeria.

Aribike stated that the Commission, in partnership with Financial Sector Deeping Africa (FSD), recently launched the Risk, Resilience and Regulation Laboratory (R3Lab) in Lagos to ensure its purpose is achieved.

He added that the initiative was aimed at mitigating the impact of the specific challenges besetting the insurance regulatory environment in Nigeria, as well as exploring ways in which collaboration, technology and insurance supervisory capacity-building could improve the regulatory effectiveness of insurance. the African insurance industry.

Also speaking the director of Retail Solutions, Axa Mansard, Ms. Rashidat Adebisi, emphasized the need for operators to start working on the sustainability of the future of the sector by shifting the focus from investing only in revenue from oil to gas, as that gas is more sustainable.

“Currently, the world is moving away from oil. We have to start investing in gas, which is more sustainable and greener. We need to take action on sustainable goals as this helps make the environment safe. I urge everyone here to start and lead conversations around sustainable goals in your various companies because sustainability is key,” he said.

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Speaking from a broker’s perspective, Saheed Egbeyemi of Hogg Robinson Nigeria Limited noted that opportunities abound for the sector to seize and prosper, but said issues of lower rates and unhealthy competition need to be addressed.

The former president of the Institute of Loss Adjusters of Nigeria (ILAN), Mr. Ralph Opara, representing the loss adjusters, said that ILAN was doing a lot to ensure sustainability because the arm remains the common thread in the chain. insurance value.

The Rector of the College of Insurance and Financial Management (CIFM), Dr. (Mrs.) Yeside Oyetayo, said that ESG risks are now a criterion to determine a company that is sustainable, therefore, it is necessary to include trainings and programs on sustainable risks in insurance. industry curriculum.

He also noted that the industry needed to collaborate with other sectors.

During the panel discussions, the chair of the occasion, Mr. Olusegun Omosehin, emphasized that collaborations and innovation were the paths forward for the industry when it comes to sustainability.

“Opportunities are presented to us as underwriters, so we need to move towards green insurance in order to sustain business and the future of insurance in Nigeria,” he said.