Download REGULATORY FORESIGHT AND MARKET TRANSFORMATION

REGULATORY FORESIGHT AND
MARKET TRANSFORMATION
A DISCUSSION PAPER
AT THE TWO – DAY SUMMIT ON
THE FUTURE OF INSURANCE
PRESENTED BY
O S THOMAS
NATIONAL INSURANCE COMMISSION
FOCUS OF CONTRIBUTION
• BROAD VIEW OF THE INSURANCE SECTOR
• FSS 2020 VISION AND MISSION FOR THE
INSURANCE SECTOR
• CURRENT POSITION ASSESSMENT OF THE
INDUSTRY
• REGULATORY CHALLENGES
• MOVING FORWARD
• REASONABLE EXPECTATIONS
BROAD VIEW OF THE NIGERIA
INSURANCE INDUSTRY
THE FUTURE OF INSURANCE IN NIGERIA
IS GOOD, GREAT AND SHOULD BE
REWARDING
THE CHALLENGES OF EFFECTIVE
REGULATION AND SUPERVISION IS
ENORMOUS
FSS 2020 VISION AND MISSION
FOR THE INSURANCE SECTOR
VISION
“TO BE THE INSURANCE INDUSTRY OF CHOICE
AMONGST EMERGING MARKETS NOTED FOR HIGH
MARKET CAPACITY, TRANSPARENCY, EFFICIENCY
AND SAFETY TO ATTAIN THE POSITION OF ONE
OF THE 20 LARGEST INSURANCE MARKETS IN THE
WORLD BY THE YEAR 2020.”
MISSION
“ TO DEVELOP AN INSURANCE SECTOR THAT DRIVES
AND PROTECTS THE ECONOMY THROUGH EFFECTIVE
AND EFFICIENT MARKET STRUCTURE ”
CURRENT POSITION ASSESSMENT OF
THE NIGERIA INSURANCE MARKET
 ENHANCED CAPITAL FOR OPERATIONAL EXPANSION
 CONVERGENCE OF FINANCIAL MARKETS’ TRANSACTIONS
 INCREASING COMPLEXITY IN OWNERSHIP STRUCTURE
 IMPROVED INSURANCE AWARENESS BY THE PUBLIC
 INCREASING DEMAND FOR CREATIVE MANAGEMENT
 COOPERATION AMONG REGULATORS OF THE NATION’S
FINANCIAL MARKETS
 GOVERNMENT POLICIES INCREASINGLY RECOGNISE A
PLACE FOR INSURANCE IN THE PROTECTION OF NATIONAL
ASSETS
REGULATORY CHALLENGES
REGULATING FINANCIAL CONGLOMERATES
IMPLEMENTATION OF RISK BASED CAPITAL
ADOPTION OF THE RISK BASED SUPERVISION
SUPERVISION OF CROSS BORDER TRANSACTIONS
ELIMINATE LEAKAGES IN THE SUPPLY CHAIN
DEEPENING THE INSURANCE MARKET
MOVING FORWARD
 EFFECT DELIBRATE POLICY OF HUMAN CAPITAL
DEVELOPMENT
 ACQUISITION AND DEPLOYMENT OF EFFICIENT ICT
INFRASTRUCTURE
 PRODUCT PACKAGING AND DELIVERY MUST MEET THE
EXPECTATIONS OF CONSUMERS
 THE NEED FOR HIGH LEVEL TRANSPARENCY AND
ACCOUNTABILITY IN OPERATIONS
 INCREASE AND SUSTAIN THE COOPERATION AMONG
REGULATORS OF THE NIGERIAN FINANCIAL MARKET AND
RELEVANT INSTITUTIONS IN OTHER JURISDICTIONS
 THE INSURANCE INDUSTRY MUST LEVERAGE ON THE
OPPORTUNITIES PROVIDED BY GOVERNMENT POLICIES
 THERE IS THE NEED FOR OPERATORS TO APPRECIATE THE
STRENGTH IN WORKING TOGETHER
REASONABLE EXPECTATIONS
IMPROVED PENETRATION
BETTER IMAGE AND CONFIDENCE OF THE PUBLIC
RANK HIGH AMONG MARKETS IN THE EMERGING
ECONOMIES
SUBSTANTIAL CONTRIBUTION TO THE NATIONS
GDP
IMPROVED MANAGEMENT OF DISTRESS THROUGH
A ROBUST REGULATORY FRAME WORK
TRANSPARENCY
AND
ACCOUNTABILITY
ACCORDED THE RIGHT OF PLACE IN OPERATIONS.
AN INDUSTRY LARGELY DRIVEN BY EFFICIENT IT
INFRASRUCTURE
REASONABLE EXPECTATIONS CONT.
CREATIVE MANAGEMENT THAT IS ABLE TO
REASONABLY SATISFY THE DEMANDS OF
CONSUMERS AND PROVIDE ADEQUATE RETURNS
TO ITS SHAREHOLDERS
ACCEPTABLE CORPORATE GOVERNANCE THAT
DRIVES AND GIVES PURPOSEFUL LEADERSHIP TO
THE COMPANIES
EXECUTION
OF
MEGA
PROJECTS
BY
CONSORTIUM OF INSURANCE COMPANIES.
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