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NAICOM tasks brokers on presence to accelerate insurance penetration

Seeks cooperation among supervisory authorities
The National Insurance Commission (NAICOM), has urged insurance brokers to establish their presence in all the nooks and crannies of the country, to accelerate insurance penetration and financial inclusion.
The Acting Commissioner for Insurance, Sunday Thomas, gave the advice when a delegation from the Nigerian Council of Registered Insurance Brokers (NCRIB), led by Dr. Bola Onigbogi, paid him a courtesy visit, in Abuja.
Thomas said the vision to have Nigeria’s critical population accept and patronise insurance services can only be achieved if brokers, who are professional intermediaries, extended more of their operations to remote areas of the country, rather than just urban areas.
While assuring of NAICOM’s support in accelerating insurance growth by collaborating with all stakeholders, the Commissioner advised operators, particularly brokers, to be more creative in their product development initiatives to make indemnity/protection first line of consideration by Nigerians, irrespective of their location and financial status.

Thomas also decried the over-concentration of underwriting and brokerage firms in major cities, and their reliance on government accounts, stressing that there can’t be effective enforcement of compulsory insurance in the hinterland with poor presence of operators there.

Responding to Onigbogi’s appeal on insurance penetration, which is her cardinal focus as NCRIB President, Thomas noted that the issue of enforcement in Nigeria has always been on demand and supply side.
While promising that NAICOM would use its Zonal Offices to sensitise the public on the importance of insurance, he urged all hands to be on deck, to ensure that the supply side are always available when the market is opened.

In deepening insurance penetration, he said issues of building collapse, fire incidences in offices and market places, motor accidents, flood and other insurable disasters persist.

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Meanwhile, NAICOM is canvassing the promotion of cooperation among supervisory authorities in Africa, as it prepares for the hosting of the 3rd general meeting of the Association of African Insurance (AAISA), in Abuja, next month.

AAISA is the umbrella body set up to bring together insurance supervisory authorities from all parts of Africa.

A statement from the Commission listed other objectives of the meeting to include, assisting member countries in human resource development, and creating a forum for the standardisation of insurance laws and supervisory structures in Africa. 

The statement further said as part of NAICOM’s support for capacity development of member countries, the General Assembly will be complemented with a seminar on Index-based Agricultural Insurance (IBAI).

The seminar is in line with federal government’s drive to diversify the economy, boost its Gross Domestic Products (GDP), and support for capacity to handle emerging risks.culled from

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