Nigeria, Morocco sign deal to boost insurance sector

The Nigerian Insurers Association (NIA) and the Moroccan Federation of Insurance and Reinsurance Companies have signed a pact to boost both sectors together.

The agreement will lead to exchange of market information, sharing of market intelligence and capacity building in both sectors

At the formal signing ceremony performed by the Chairman of the Nigerian Insurers Association, Mr. Olusegun Omosehin and President of Moroccan Federation of Insurance and Reinsurance Companies, Mr. Mohamed Hassan Bendalah in Casablanca Morocco, both associations agreed to exchange and share experiences and best practices in insurance sector

Nigeria and Morocco planned to work together while they identify other possible areas of cooperation including priority areas based on path already laid out by the Presidents of the two countries.

Giving further insight on the terms of the agreement, the NIA Chairman, Mr. Omosehin stated that the two associations have agreed amongst others to: Maintain permanent contacts between the two associations with a view to exchanging and sharing successful experiences and best practice of both parties.

The two countries will give effect to the foregoing, the parties agree to meet once or twice a year in Casablanca and Lagos as the case may be.

Other areas they are looking at priority areas for cooperation based on significant and successful experience in the Moroccan or Nigerian insurance market and they include inclusive Insurance, direct compensation system in Motor Insurance, Bonus-Malus system for third-party motor insurance, centralization of motor insurance for professionals passenger transport (TPV) such as taxis, buses, coaches, regular line buses, personnel transport etc.

The coverage they are focusing are: Catastrophic risk coverage scheme, digitalization of distribution channels and customer experience, agricultural insurance; Exchange of statistics and technical data on the respective insurance and reinsurance markets to develop comparison benchmarks, which will be useful to both marketplaces.

Exchange information on good practices and share success experiences to serve as a source of inspiration and to facilitate the fast implementation of solutions which have had some positive effect in one of the two markets.

On human capacity development, both associations have agreed to open their respective markets to field trips and professional development study tours for short-term training programs either within the two professional associations and/or their affiliated insurance companies.

To give room for evaluation of the agreement and in line with global best practice, the two associations have agreed to conduct a biannual evaluation of the agreement to enrich and further develop it.

The NIA Chairman appreciated the President and members of the Moroccan Federation of Insurance and Reinsurance Companies for the initiative and expressed the hope that both markets will benefit from the relationship.

Omosehin who was accompanied by the Director-General of the NIA, Mrs Yetunde Ilori, assured the Moroccan federation of the commitment of the NIA to the relationship due to the benefits derivable from the agreement.

“I want to assure you that we are committed to the spirit and letters of the collaboration and do hope that both markets will benefit immensely from this initiative”, he enthused

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