The Nigerian Insurers Association (NIA) has established two specialised technical committees as part of efforts to improve professional standards and deepen expertise in agricultural insurance and reinsurance.
The association inaugurated the Agricultural Insurance Technical Committee and the Reinsurance Technical Committee, bringing the total number of NIA technical committees to 16.
The new committees are expected to serve as platforms for developing industry expertise, encouraging best practices and strengthening the technical capacity of insurance companies operating in the two specialised areas.
Speaking at the inauguration ceremony, NIA Director-General, Bola Odukale, said the association’s technical committees remained important to the development and advancement of Nigeria’s insurance industry.
She explained that the decision to establish the two committees followed recommendations from members of the NIA Governing Council and other industry stakeholders who called for more focused attention on emerging issues and professional practices within agricultural insurance and reinsurance.
Focus on agricultural insurance
According to Odukale, the Agricultural Insurance Technical Committee will work towards promoting sound practices within the sector while improving insurers’ technical capabilities.
The committee is expected to focus particularly on strengthening the capacity of insurance professionals in areas such as underwriting and claims management for agricultural insurance business.
The move comes as the insurance industry continues to seek ways to provide more effective risk-management solutions for agricultural activities, where farmers and other operators remain exposed to a range of risks.
Reinsurance expertise
The newly inaugurated Reinsurance Technical Committee will concentrate on issues affecting reinsurance operations and industry practices.
Odukale said the committee would also support member companies by improving their capabilities in reinsurance underwriting and claims management.
The committee is expected to provide a dedicated platform for industry participants to examine developments in reinsurance and promote practices capable of strengthening the sector.
Committees elect leadership
As part of the inauguration process, members of both committees received briefings on their respective mandates, responsibilities and expected contributions to the growth of the insurance industry.
The committees subsequently conducted elections to select their leadership teams and formally establish their operational structures.
The NIA said the creation of the committees reflects its broader effort to respond to emerging industry needs while ensuring that insurance professionals have the specialised knowledge and technical capacity required to manage increasingly complex risks.
With the addition of the Agricultural Insurance and Reinsurance committees, the association now has 16 technical committees covering specialised areas of the insurance business.
