National Insurance Conference 2023

The theme of the event was "REDEFINING SAFETY: Insurance Solutions for Public Buildings and Buildings under Construction."

The prestigious event took place from October 23rd to 24th in Abuja. The two-day event was hosted by the National Insurance Commission.

The theme of the event was “REDEFINING SAFETY: Insurance Solutions for Public Buildings and Buildings under Construction.”

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The sub-themes consisted of:

  • Imperatives for the Insurance of Government Assets at all levels
  • The Roles of Enforcement Agencies in Ensuring Compliance on Insurance of Public Buildings and Buildings Under Construction
  • Insurance of Public Buildings and Buildings Under Construction: Environmental Impact and Sustainability

The National Insurance Conference 2023 opening ceremony witnessed a conversation on critical issues surrounding building collapse safety and the pivotal role of insurance in diminishing this menace.

The topics discussed at the National Insurance Conference 2023 were:

  • Leveraging Technology to Boost Insurance Uptake in Nigeria
  • Collaborative Efforts of NIESV and NSE in Building Safety in Nigeria
  • Public Building Insurance in Nigeria
  • Enhancing Insurance Culture and Penetration
  • Timely and Adequate Claim Settlement
  • Strengthening Capitalization in the Insurance Sector
  • Essential Regulations to Shape Industry Behavior

The guests of the event consisted of some notable figures like Jim Ovia (CON), Tony Elumelu (CFR), Elias Omondi, Leonard Madueke, Williams Nwankwo Alo, Wole Oshin, Olusegun Omosehin, Prisca Soares, Alhaji Dr. Aliyu Wamakko, the Royal Highness, the Emir of Kano, Minster of finance, representative of the Oni of Ife alongside National Assembly members and government functionaries.

The President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), ESV Johnbull Amayaevbo, was among the key presenters at the strategic conference, sharing expertise and insights in line with the event’s objectives.

The economist Tony Elumelu quoted that “it had become necessary to recapitalize the insurance industry firms in the country as current N8 billion capital base for life and N10 billion for general is inadequate. He proposed an N50 billion capital base for consolidated insurance companies operating in Nigeria, with general business N30 billion and life businesses N20 billion, N1 billion recapitalization for brokers.”

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