Discover all there is to know about the Nigerian Insurance Industry Database.
Insurance in Nigeria is one of those topics that is well known but, for good reason, is not much valued. As a result of the public’s general suspicion of insurance companies and the difficulty finding trustworthy businesses, data collection is highly lax. This is the rationale behind the creation of the Nigerian Insurance Industry Database.
What is the Nigerian Insurance Industry Database?
The Nigerian Insurance Industry Database was established in 1971 as a reinsurance and insurance industry umbrella organization in Nigeria. This organization brings together members from several insurance groups solely to discuss concerns impacting their sector so that information can be passed to the government.
This, in turn, affects the government’s policies regarding the regulation of insurance businesses for the benefit of the national economy and the insurance sector.
The Structure of The Nigerian Insurance Industry Database
A Governing Council and Chief Executive Officers of Member Companies chosen at their Annual General Meeting govern this organization. The Governing Council is divided into a number of committees, including:
- Accident offices committee
- Accounting technical committee
- Information technology legal committee
- Risk Audit and Compliance Committee
- Corporate affairs committee
- Fire offices committee
- Legal committee
- Life offices committee
- Marine offices committee
- Motor technical committee
- Micro Insurance committee
- Human capital management committee
- Advisory committees of the council
Objectives of the Nigerian Insurance Industry Database
- To defend, further, and advance the shared interests of Nigerian insurers
- To inform members of impending regulations that could have an influence on the Nigerian insurance sector
- To instruct members on how to implement fresh government regulations affecting the insurance sector
- To serve as a reference hub to aid members in staying up to date with international industry standards
- To gather information about insurance, including data and any other economic facts
- To be in touch with other trade organisations constantly
- To consult with persons, groups, society, or organizations inside or outside of Nigeria that share the organization’s goals
- To create a community of insurers through gatherings and conferences with the goal of holding serious talks about pertinent data related to the topic of insurance
So Why Should You Care About This?
- This is a fantastic resource if you’re thinking about launching an insurance company in the future.
- Check to see if your present insurance provider is a member of this group because it lends credibility to them if they are.
- This is an excellent opportunity to also get some of your questions about insurance sector laws answered.
Although this institution can appear to be in the background, they play a crucial role in ensuring that the insurance industry complies with federal regulations.
To maintain the credibility of the sector, they also make sure to contribute to the regulation of policies. Visit their official website at http://www.nigeriainsurers.org/ for more details on what they do. Click here to contact an agent if you’d like to discuss your current insurance plan.