Kari stated this while speaking on the topic, ‘Changing the risk landscape with focus on Africa,” during a conference organised by Commercial Risk Africa, in Lagos.

“The NAICOM introduced the risk management framework guidelines for identifying, measuring, monitoring and limiting the risk involved in the business of insurance in the country for insurance and reinsurance companies,” Commissioner said.

 

 

He pointed out that NAICOM introduced the guidelines on risk management to facilitate risk-based approach and regime in the industry in order to enhance performance and effectiveness in its supervision.

Kari noted that the guidelines also laid down the processes for reviewing, identifying and prioritising risks, and corporate governance issues, among others.

He explained that guidelines were provided on the approaches to assess risks so that regulators could have a common basis of managing the overall industry exposure.

“The global nature of human civilisation has made risks to stretch beyond conventional borders and common rules have to be adopted in all jurisdictions to ensure a similar basis of management of those risks,” he said.

The NAICOM Boss noted that to curtail the risks associated with the growth in the economy, various regulatory organisations in Nigeria have come up with different risk measures.

“It is imperative considering the several changes and challenges across the globe in the political, economic, technological and cultural spheres, diversification, deregulation, privatisation and competition, which are all necessary for the development of any economy,” he said.