The Nationwide Insurance coverage Fee (NAICOM) has emphasised the significance of long-term monetary planning and danger administration in making certain a secure and safe retirement.
Talking on the 2025 version of the Inspenonline Retirement Summit in Lagos, NAICOM Chief Government Officer, Olusegun Omosehin, highlighted the necessity for proactive retirement financial savings and funding methods.
Represented by Julius Odidi, Lagos Director of NAICOM, Omosehin harassed that people should prioritize long-term monetary planning to mitigate challenges related to inflation, market volatility, and demographic shifts.
“The fact immediately is that extra people are approaching retirement with considerations about revenue sustainability, healthcare prices, and the adequacy of their pension financial savings. These financial headwinds usually are not merely statistics; they symbolize the lived experiences of thousands and thousands of our residents.
“As regulators, insurers, pension directors, and policymakers, we should rise to this problem with innovation, empathy, and resilience,” Omosehin said.
Coverage Reforms and Strategic Monetary Options
Omosehin identified that efficient retirement planning have to be rooted in monetary safety and danger administration, with instruments similar to annuities, life insurance coverage, and structured retirement financial savings plans taking part in an important position in long-term stability.
“Merchandise similar to annuities, life insurance coverage, and retirement financial savings plans usually are not simply monetary devices; they’re important instruments for peace of thoughts in later life. We should work to make sure these instruments are accessible, clear, and align with the evolving wants of our growing old inhabitants,” he added.
To navigate financial uncertainties, Omosehin emphasised the necessity for coverage alignment throughout the insurance coverage, pension, and monetary sectors, making certain that laws are long-term centered somewhat than short-term reactive.
He additionally advocated for better monetary literacy and shopper empowerment, significantly amongst casual sector employees, who typically lack entry to structured retirement plans.
Trade Collaboration and Pension Compliance
Calling for nearer collaboration between insurers, regulators, and policymakers, Omosehin urged stakeholders to develop revolutionary and inclusive retirement merchandise, leveraging micro-insurance and digital platforms to broaden protection.
“We should guarantee our insurance policies throughout the insurance coverage, pension, and monetary sectors usually are not working at cross functions. Regulation have to be enabling, responsive, and centered on long-term worth somewhat than short-term features,” he stated.
- Additionally talking on the summit, Nigeria Labour Congress (NLC) Lagos Chapter Chairperson, Funmi Sesi, urged all ranges of presidency to implement full compliance with the Contributory Pension Scheme (CPS), noting that solely six states at the moment adhere to the coverage.
- She harassed the significance of immediate gratuity funds to retirees, warning that delays might result in monetary instability.
- Chuks Okonta, Writer of Inspenonline and organizer of the Retirement Summit, emphasised the necessity to reshape perceptions round retirement planning, advocating for early preparation to make sure monetary independence.
“We need to change this notion. Our aim is to empower people to plan successfully for retirement, enabling them to sit up for this section of life with pleasure and confidence, somewhat than worry and uncertainty,” Okonta said.
What it’s best to know
- On the occasion, Stanbic IBTC Insurance coverage Managing Director, Akinjide Orimolade, launched the Sundown Profit Plan, a brand new insurance coverage product geared toward serving to people proactively put together for retirement.
- With NAICOM reinforcing its dedication to enhancing insurance coverage penetration and retirement safety, the summit emphasised the pressing want for regulatory reforms, shopper consciousness, and revolutionary monetary options to handle the evolving challenges confronted by retirees.
Be First to Comment