The Insurers Committee has said the cybersecurity guidelines from the National Insurance Commission (NAICOM) will help to put the sector in a strong position against cyber risks and create opportunities for future growth.
This was made known by Mr Moruf Apampa, the Vice Chairman of the Communication and Stakeholder Engagement Subcommittee of the Insurers Committee. Mr Apampa made this disclosure during the 18th meeting of the committee. The meeting was held at the National Insurers Association headquarters in Lagos.
The Insurers Committee is a body made up of NAICOM and chief executive officers of insurance companies in Nigeria. It plays a key role in discussing policy directions and industry issues in the sector.
While addressing journalists after the meeting, Mr Apampa, who is also the Chief Executive Officer of NSIA Insurance, explained that NAICOM is already taking steps to be proactive against cyber risks. He said, “At the last insurers’ committee meeting, NAICOM actually started this process. There was a session there on cyber risk. They brought in a consultant who spoke to us about cyber risk.”
He further explained that a lot of things are currently going on in the industry to make sure insurers are prepared. “That is why NAICOM is putting this guideline in place. They’re looking into the future; they’re not waiting. What they’re doing is positioning the industry against emerging risks and other opportunities. NAICOM is being proactive and working with the industry in that regard. I think we’re ready.”
Apampa also made it clear that the insurance industry is the only industry that can provide cover against cyber risks. “Insurance is the only industry that can actually provide that support for the risks associated with cyber risks. So we are happy that NAICOM is forward-thinking and helping us to be well-prepared.”
He explained that the industry is not just protecting businesses against cyber attacks; it is also creating opportunities for insurers to grow their portfolios and services.
On the issue of outstanding claims, Mr Apampa said the Commissioner of Insurance raised the matter at the meeting. According to him, NAICOM noticed a significant improvement in the payments of outstanding claims. “As much as NAICOM raised the issue of a backlog on outstanding claims, which they said they are monitoring, one thing that came out was the fact that the Commissioner said he has seen significant improvement in terms of claim payments, and he commended the industry, and he said we must improve on this.”
He explained further that the industry must do whatever it can to make sure genuine policyholders get their payments promptly. “What NAICOM is doing is the right step in the right direction. You should do whatever you need to do to make sure there is a smooth, or what we call a ‘seamless,’ payment of claims to genuine policyholders. The key thing here is to find every reason to pay a claim, not to deny it.”
He also explained that NAICOM is making sure the process for third-party motor insurance is made simpler and more efficient. “On enforcement of third-party insurance, as much as we are giving it visibility and communication, NAICOM is also streamlining the process around the filing of these third-party motor insurance claims.”
The insurers said this move will help policyholders to easily make their claims and cut down on complaints about delays or unfair denials.
