NIA-RACC Conference to promote capacity building, stronger governance after insurance recapitalisation
Chairman of RACC, Olugbenga Akinlalu
Nike Popoola
The Risk, Audit and Compliance Committee (RACC) of the Nigerian Insurers Association (NIA) is set to hold its annual conference in Ijebu Ode, Ogun State, with a focus on strengthening the capacity and capabilities of insurance professionals following the industry’s recently concluded recapitalisation exercise.
The conference, scheduled to take place on Thursday at Park Inn by Radisson, Abeokuta, Ogun State, will bring together chief internal auditors, chief risk officers, chief compliance officers and other professionals responsible for providing assurance to management and boards on governance, risk management and control activities within insurance companies.
Speaking during a virtual press conference on Monday ahead of the event, Chairman of RACC, Olugbenga Akinlalu, said the conference was designed to address the critical question of what comes next for the industry after the completion of its recapitalisation.
According to him, the industry’s increased capital base must now be matched with the right skills, capabilities and governance structures to enable insurance companies deliver superior returns to their stakeholders.
He said the theme of the conference, “Beyond capital: From capital to capability – Driving resilience, innovating governance,” was developed to examine how the industry could translate its stronger capital base into sustainable growth and improved performance.
Akinlalu noted that the recapitalisation had significantly raised the financial capacity of insurance companies, pointing out that businesses that previously operated with minimum capital of about N3 billion now have N15 billion under the new capital regime for general insurance business.
“With the capital, what next? Do we have the skill set, the right capability to deliver superior returns to our stakeholders?” he asked.
He explained that insurance companies would now have greater capacity to enter new lines of business, explore investment opportunities and undertake additional business ventures, making it imperative for professionals responsible for risk, audit and compliance to be adequately equipped.
The RACC chairman said the conference would feature frontline insurance executives, key industry leaders and subject matter experts from different fields who would deliberate on the emerging challenges and opportunities facing the industry.
He added that the conference would not only focus on discussions but would culminate in the development of a position paper containing recommended action steps for the insurance industry.
According to him, the position paper will be submitted to the Governing Council of the Nigerian Insurers Association, outlining key areas that require attention to build a stronger, more resilient and better-governed insurance industry.
Akinlalu said the initiative was aimed at contributing to what he described as a “new wave of revival” in Nigeria’s insurance industry.
