By Nike Popoola
The Commissioner, National Insurance Commission, Mr Sunday Thomas, has urged insurance companies to insure people with disabilities and improve professionalism among other things.
He spoke at the 2022 insurance directors’ conference organised by the College of Insurance and Financial Management in partnership with NAICOM in Lagos with the theme, ‘Transforming the insurance industry through ESG principles: Directors’ roles’.
Thomas said, “In the same vein, NAICOM also expects that you will take interest in pursuing developments of green products, improving operations geared towards energy efficiency, investment strategies, leveraging technologies, insuring people with disability, corporate social responsibilities, improving and complying with professional standards.”
He said the role of the board of directors in the survival and transformation of their establishments could never be over-emphasised.
The annual programme, he added, was meant to apprise the directors of the developments in the industry and also equip them with the necessary knowledge that would enhance the value of their companies.
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Advising the directors, he said, “Let me advise that as leaders of your respective companies, it is instructive that you take deliberate steps at reconciling long-term with short-term goals, global expansion with local objectives, workplace, and community issues; all of which must be united, while not losing sight of the basic goals of profitable operations and increasing shareholder value.
“Consequently, in order to facilitate economic prosperity, ensure environmental sustainability and social development, we must join forces with identified stakeholders to drive long-term sustainable growth in the insurance sector for lasting benefits to all stakeholders.”
The Chairman, Governing Board, NAICOM, Dr. Abubakar Sani, said, “In response to the urgent need to strengthen good corporate governance in the industry, only recently, the commission issued a landmark circular imposing limit of tenure of chief executives of insurance and reinsurance companies.
“While we admit that the banking sector is ahead of us in this regard, it is better late than ever. This limit of tenure will engender industry renewal with younger crops of CEOs and faster movement up the corporate ladder with better career progression in the insurance industry.”