NAICOM mulls N1.5tln gross premium

The National Insurance Commission (NAICOM) has prospects to achieve 10 per cent penetration, N1.5 trillion Gross Written Premium (GWP) and 10 per cent increase in insurance density.
Thus the commission plans to work with Small and Medium Enterprises (SME) cohorts across geo-political zones.
Besides, the commission aims to build trust among the insured leading to more referrals; build confidence in the sector by reducing incidences of fake insurance and implementing penalty for nonpayment of claims; and work with digital companies with access to data and information for wider reach and impact.
NAICOM Commissioner for Insurance, Mr Sunday Olorunda Thomas in an interview with repoters said the commission launched Market Development and Restructuring Initiative (MDRI) in 2009 as a vehicle to, among others, drive the enforcement of compulsory insurances, reduce incidences of fake insurance and in the process grow the industry.
He stated the commission’s strategic focus is on compulsory insurances, government assets, microinsurance and takaful insurance.
He said: “Target market however is Government, Micro-, Small and Medium-sized Enterprises (MSMEs) and Millennials and Gen Z, which make up 60 per cent of our population.
“Our strategic themes include increased awareness and education; stakeholder’ grooming/partnerships; high-impact media productions; and a social/digital NAICOM
“To increase awareness and education, we will also launch a joint implementation task force with police, FS, FRSC, Ministry of Justice, Mobile Courts, Ministries, Department and Agencies (MDAs) at all levels, among others.
We will hold insurance stakeholder’s forum/town hall meetings, launch the Insurance Industry Thought Leadership Series on Testimonials and Endorsements, among others.”
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