By Chris Ndibe
The National Insurance Commission (NAICOM) has said that it will collaborate with journalists to increase insurance penetration in the country.
Mr Adeyemi Abubakar, Assistant Director and Head Market Development of NAICOM, said this in his paper titled “Market Development Initiatives of the Commission and the Role of Media’’ presented during a seminar for insurance journalists, in Uyo, on Friday.
The theme of seminar is; ‘Digital Transformation of the Commission and Market Initiatives.’
Abubakar said Nigeria’s insurance market was grossly untapped, hence, the need for journalists to sensitise the public on the value of having insurance.
According to him, NAICOM is working tirelessly to instil confidence in the public, to assuage the fear entertained by the public about insurance in the country.
“NAICOM is working hard to ensure stability in the insurance industry. The stakeholders must be protected.
“We need you to enhance sensitisation and creation of awareness to make sure that insurance gets to the general public.
“We must increase insurance penetration to all the states of the federation,’’ Abubakar said.
The official said that the commission had approved the establishment of 20 more offices to bring the office of the regulator nearer to the people.
He said that the commission had offices in the six geopolitical zones of the country.
Abubakar said that the commission would continue to press insurance companies to pay claims, stressing that timely payment would encourage more people to embrace insurance.
“We need to promote public understanding of insurance and practice based on international standard’’, he said.
