The Nigerian Insurers Association(NIA) and the Moroccan Federation of Insurance and Reinsurance Companies(Fmsar) have signed a technical cooperation agreement that will lead to the exchange of market information, sharing of market intelligence, and capacity building in the insurance sector.
The convention covers inclusive insurance, a direct compensation system in motor insurance, a bonus-malus system for third-party motor insurance, and centralization of motor insurance for professional passenger transport such as taxis, buses, coaches, regular line buses, and personnel transport among others.
Other areas of coverage include catastrophic risk coverage plans, digitalization of customer interactions and distribution channels, agricultural insurance, statistics exchange, and technical data on the corresponding reinsurance and insurance markets to create benchmarks for comparison that will be helpful to both markets.
In order to serve as an inspiration and to speed up the implementation of solutions that have had some positive impact in one of the two markets, the agreement also called for the sharing of successful experiences and the exchange of information on best practices.
The Federal Republic of Nigeria and the kingdom of Morocco have a great deal of cooperation, according to a statement from Davis Iyasere, Deputy Director, Corporate Communications, Hr & Admin, NIA.
On the topic of human capacity development, the two associations reached an understanding that they would each open their respective markets to study tours and field trips for short-term training programs, either inside the two professional associations or their corresponding insurance firms.