The 2024 conference took place at Oriental Hotels on the Lekki-Ajah Expressway, Victoria Island, Lagos, and centered around the theme “Towards a $1 Trillion Economy: Roles of Insurance and Pension Sectors.”
In his address, Mr. Omosehin, represented by Mr. Halilu Habba, Head of Corporate Communications and Public Relations at NAICOM, acknowledged NAIPE’s significant contributions to enhancing the public image of the insurance and pension sectors.
He remarked, “NAIPE has played a pivotal role in shaping public perception and influencing policy decisions within the financial sector, and your efforts are worthy of recognition.”
Addressing the conference theme, Mr. Omosehin articulated how the insurance sector is integral to President Bola Ahmed Tinubu’s vision of realizing a $1 trillion economy.
He stated, “The insurance industry has been central to economic discussions, particularly regarding its capacity to drive substantial growth. It mobilizes savings, manages risks, and supports long-term infrastructure initiatives, all of which are essential for economic development.”
He elaborated on NAICOM’s strategic initiatives designed to bolster the competitiveness and stability of the insurance sector. “In accordance with our strategic roadmap, we have pinpointed five key areas for immediate focus: protecting policyholder interests, enhancing supervisory capabilities, improving industry stability, promoting innovation and sustainability, and increasing insurance accessibility and penetration,” Mr. Omosehin detailed.
The Significance of Collaboration and Technology
Mr. Omosehin highlighted the critical need for collaboration among various stakeholders to meet these goals. He stated, “A united effort will enable smooth progress within the insurance industry. It is essential to ensure the swift resolution of legitimate claims to foster trust and encourage market expansion. The financial stability of the sector is crucial, and sufficient capitalization is vital for effective risk management.”
He further elaborated on the essential function of technology in broadening the accessibility of insurance services. “Utilizing technology to improve accessibility has emerged as a primary focus. Integrated financial solutions and comprehensive service platforms are becoming standard, and the insurance industry must evolve to maintain its relevance in this changing environment,” he noted.
Promoting Financial Literacy and Inclusion
Mr. Omosehin advocated for enhanced collaboration between media outlets and industry stakeholders to advance financial literacy and inclusion. “Editors specializing in pensions and insurance have a significant role in informing the public about retirement strategies, insurance options, and investment opportunities. Providing clear, precise, and accurate information can empower individuals to make well-informed financial choices,” he remarked.
In conclusion, Mr. Omosehin encouraged participants to seek collaborative opportunities, referencing Henry Ford’s well-known quote: “Coming together is a beginning. Staying together is progress. Working together is success.” He expressed hope that the conference would generate valuable insights and recommendations to propel the sector and the national economy forward.
The event was presided over by Mr. Fola Daniel, former Commissioner for Insurance and Managing Director/CEO of FSB Reinsurance Limited. The keynote address was delivered by Dr. Afolabi Olowookere, Managing Director and Chief Economist of Analysis, Data Services, and Resources, who presented a paper on the central theme, examining the contributions of the insurance and pension sectors toward achieving Nigeria’s economic objectives.