A major part of the Nigerian Insurance Industry’s 2023 National Conference to be held in October would be the launch of the unified strategic master plan.

The Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, who disclosed this at a three-day seminar organised by the Commission for journalists in Uyo, Akwa Ibom State.

He described the master plan as the first of its kind.

While unfolding the plans and activities of the Commission, Thomas said: “During that National conference the strategic plan that is signed to by every arm of the industry for the very first time would be launched.

“It is also important to let you know that our initiative in capacity building is also ongoing and it gladdens my heart to say the industry itself has become a partaker of the great initiative of capacity building.

“Two of our new members of staff recruited in 2020 are certified as actuarial analysts. They did this in a record time. These are some of the improvements we made since I came into office.”

Further on his achievement since assumption of office in 2020, he said the Gross Premium Income (GPI) then was about N450 billion but as at the close of business in 2022, it had increased by over 20 per cent translating to about N723 billion.

“Several initiatives we started since 2020, some have been completed, some are ongoing.

“Of course it’s no longer news today that as a broker you do not need to come to the Commission to get your certificate renewed. In the comfort of your room, you can sit down and upload your paper and get your certificate renewed.

“Some of the teething problems we started with have been overcome and some are being overcome,” Thomas announced.

On products development, he said the Commission has approved so many products and initiated some of those products by selling ideas to the market.

He thanked the journalists for their support thus far, stating that it has been tough but that the Commission is overcoming every hardship especially with the cooperation of the media.