{"id":31992,"date":"2021-07-12T19:03:36","date_gmt":"2021-07-12T18:03:36","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=31992"},"modified":"2021-10-07T00:43:21","modified_gmt":"2021-10-07T00:43:21","slug":"naicom-mulls-n1-5tln-gross-premium","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/naicom-mulls-n1-5tln-gross-premium\/","title":{"rendered":"NAICOM mulls N1.5tln gross premium"},"content":{"rendered":"<p>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.<br \/>\nThus the commission plans to work with Small and Medium Enterprises (SME) cohorts across geo-political zones.<br \/>\nBesides, 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.<br \/>\nNAICOM 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.<br \/>\nHe stated the commission\u2019s strategic focus is on compulsory insurances, government assets, microinsurance and takaful insurance.<br \/>\nHe said: \u201cTarget 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.<br \/>\n\u201cOur strategic themes include increased awareness and education; stakeholder\u2019 grooming\/partnerships; high-impact media productions; and a social\/digital NAICOM<br \/>\n\u201cTo 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.<br \/>\nWe will hold insurance stakeholder\u2019s forum\/town hall meetings, launch the Insurance Industry Thought Leadership Series on Testimonials and Endorsements, among others.\u201d<br \/>\n<a href=\"https:\/\/thenationonlineng.net\/naicom-moves-to-achieve-n1-5tr-gross-premium-10-density\/\">More=Nation=<\/a><\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-31992\" data-postid=\"31992\" class=\"themify_builder_content themify_builder_content-31992 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,126],"tags":[425],"class_list":["post-31992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-trade-and-industry","tag-naicom","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NAICOM mulls N1.5tln gross premium - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/naicom-mulls-n1-5tln-gross-premium\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAICOM mulls N1.5tln gross premium - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"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. 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