Artificial Intelligence may represent a major leap forward for the insurance industry, but it is very unlikely to replace actuaries, according to Mr Olusegun Omosehin, head of the National Insurance Commission (NAICOM). He added that NAICOM supports the federal government's goal of making Nigeria the AI hub for Africa.
The National Insurance Commission (NAICOM) has said that there is a need to increase the number of agents in the country to boost insurance penetration.
The Nigerian Maritime Administration and Safety Agency (NIMASA) has said that it would be engaging foreign insurance companies, including Lloyd's, to address the issue of war risk insurance placed on Nigeria-bound cargoes by shipping companies.
Mr Olusegun Ayo Omosehin has assumed office as the head of the National Insurance Commission (NAICOM).
The insurance sector has urged President Bola Tinubu and state governors to include insurance experts in their economic teams.
A common insurance market in West Africa will lead to important prospects as well as bring about cost savings, among other benefits to the population, according to Mr Mamadi Dampha, deputy permanent secretary at the Ministry of Finance and Economic Affairs.
Insurers, striving to submit financial statements based on International Financial Reporting Standard (IFRS) 17 by 30 June 2024, have said that their efforts are hampered by the shortage of actuaries and the high cost of software.
The Nigerian insurance industry reported gross written premiums exceeding NGN1tn ($760m) for the first time in 2023.
Insurance companies in Nigeria are ceding their business to local and foreign reinsurers, while also incurring higher reinsurance expenses especially in overseas cessions due to the weaker naira.
There are 12m vehicles plying the roads across Nigeria, of which only 3.11m were insured as of the end of 2023, according to data from the Federal Roads Safety Corps (FRSC) and the Nigerian Insurers Association (NIA).