NAICOM Urges Directors to Institutionalize Sustainability in Businesses

National Insurance Commission (NAICOM), has tasked board members of all the insurance institutions to contribute towards institutionalizing sustainability in their various business entities.

The commission stated this during the 2023 insurance Directors’ conference held in Lagos recently.

In his key note address at the  conference which has the theme,   “Driving Insurance Sustainability through Innovations and Performance: Directors’ Engagement,” the Commissioner for Insurance, Mr Sunday Olorundare Thomas, explained that sustainable insurance entails conducting all activities in the insurance value chain in a responsible and forward-looking way by identifying, assessing, managing and monitoring risks and opportunities associated with environmental, social and governance issues.

“My esteemed members of boards of directors of insurance institutions, the concept of insurance sustainability is no longer new to you all, however, what we should be discussing is how we will contribute to institutionalizing sustainability in your various business entities,” he said.

Thomas explained that the whole essence was to reduce risk, develop innovative solutions, improve business performance, and contribute to environmental, social and economic sustainability.

“By aligning our business operations with ethical standards and contributing to the well-being of the communities we serve, we not only fulfill our societal responsibilities but also strengthen our brand and customer loyalty,” he explained.