The Insurers Committee, has said that the cybersecurity guidelines from the National Insurance Commission would position the sector for protection and opportunity.

This was disclosed by Mr Moruf Apampa, the Vice Chairman, Subcommittee, Communication and Stakeholder Engagement of the Insurers Committee, at its 18th meeting held at the National Insurers Association headquarters in Lagos.

The Insurers Committee is a body consisting of NAICOM and the chief executive officers of insurance firms in Nigeria.

While briefing the press at the end of the meeting, Apampa, who is the Chief Executive Officer of NSIA Insurance, said, “At the last insurers’ committee meeting. NAICOM actually initiated our process. There was a session which was held there on cyber risk. They brought in a consultant who spoke to us on cyber risk.

“A lot is ongoing there. That is why NAICOM is coming up with a guideline to drive that. They’re looking into the future; they’re not waiting. What they’re doing is actually positioning the industry against the emerging risk and other opportunities. NAICOM is being proactive and working with the industry in that regard. I think we’re ready.”

Apampa added that insurance was the only industry that could actually provide that support for the risks associated with cyber risks.

On claims payment, Apampa said, “As much as NAICOM raised the issue of a backlog on outstanding claims, which they said they are monitoring, one thing that came out was the fact that the commissioner said he has seen significant improvement in terms of claim payments, and he commended the industry, and he said we must improve on this.

“What NAICOM is doing is the right step in the right direction. You should do whatever you need to do to ensure seamless payment of claims to genuine claimants. The key thing here is to find every reason to deny claims.”

He added, “On enforcement of third-party insurance, as much as we are giving significant visibility and communication on third-party insurance, NAICOM is also streamlining the process around claims for third-party insurance.”