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The Commissioner for Insurance, Alhaji Mohammed Kari, has said that the National Insurance Commission has refused to issue new operational licences to insurance firms because it is better for the industry to embrace consolidation than to start new companies.
Kari spoke during the Annual Insurance Professional Forum of the Chartered Insurance Institute of Nigeria with the theme: ‘Solvency, stability and growth-exploring possibilities’, in Abeokuta, Ogun State on Thursday.
Stakeholders from the insurance industry and other dignitaries were present at the event. The commissioner also said that after the Nigerian Insurers Association confirmed that there was dearth of professionals for all classes of insurance in the industry, it would not be wise to continue to issue new licences because it was better for the operators to engage in training and development of professionals. “Given that statement, we concluded that some want to continue to be sole administrators of their companies, or if that assertion is true, then we have too many operational licences out there.
Photo Caption: Commissioner for Insurance, Alhaji Mohammed Kari
