Forward By Director General
I am delighted to share that National Insurance Authority has made a great stride in its endeavors to consolidate its regulatory functions, and enhance services to the public.
At the national level, the Authority has implemented various initiatives to promote consumer education. One of the biggest challenges faced by the insurance industry in Somaliland is the lack of awareness about the nature and operation of Islamic insurance. Many Somalis are still unaware of the existence of Islamic insurance as an alternative to conventional insurance, and some view it as the commercialization of conventional insurance into the Islamic world and reelect the notion that it is a Sharia-compliant instrument. The Authority, in an effort to promote consumer awareness about the nature and operation of Islamic insurance carried out several consumer education initiatives such as insurance forums, education campaigns, mass media, and digital campaigns across the country.
Operationally, over the past years, we have strengthened our capacity to conduct effective and efficient regulatory oversight and have ensured that the interest of consumers and the general public is protected at all times.
Going forward, we will continue to strive towards the achievement of our vision to be a world-class regulator that promotes market discipline, encourages competition, and encourages innovation and growth across the insurance sector. In this regard, we would like to commend all the employees of the National Insurance Authority for their hard work and dedication. I would also like to extend my sincere gratitude to the insurance operators and stakeholders for their continued support. I am confident that together we will be able to achieve greater success in the coming year and beyond.