Nigerian Insurance Commission (NAICOM) has highlighted inadequate insurance of government assets, religious & cultural hindrances, poor perception of the insurance industry by the public, low financial literacy, price- base competition among players and others as some of the challenges facing it.
Speaking at the retreat recently, the Head, Corporate Communication & Marketing development of the commission, Mr. Rasaaq Salami, maintained that though the challenges are glaring, howbeit, there was still way forward.
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According to him, there is need for a sensitisation of the polity on the benefits of insurance, conclude the recapitalisation exercise, enforce compliance with revised market conduct guidelines, and publicise testimonies of claims being paid.
“MDAs should comply with the guidelines as it will ensure prompt and adequate insurance of all human and material assets of the government, we need to encourage mergers and acquisition among fringe players and imbibe good market conduct practices or fair treatment of customers.
“More so, there should be prompt and swift regulatory actions when and where necessary, encourage establishment of more microinsurance and Takaful Insurance institutions, encourage contextual insurance products development, Guidelines on Insurances of Govt Assets approved and committee constituted to develop enforcement strategy and vigorously create awareness programmes and insurance industry rebranding campaign,”
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According to him, the next step to be taken by the commission is to ensure full implementation of NAICOM Strategic plans and a total Involvement of the supply side of the sector.
Salami said, while taking aforementioned steps, the plan is expected to Promote insurance as a tool for stimulating growth of other sectors and raise funds for project development at the Federal and State levels.
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“Our next steps are expected to create over 250,000 new jobs, improve insurance consumer trust and confidence in the sector, Increase insurance contribution to GDP from 0.4per cent to over 3.0per cent, Lower insurance gap from 94per cent to 70per cent and increase Industry Gross Premium Income from N630Billion in 2021 to N6.0Trillion by 2030.
“Though there are gradual economic recovery from impact of COVID-19, there are ongoing reforms to improve visibility of the Nigerian Insurance Industry in the national scene. The Market development is a costly affair and requires huge capital to keep going thus, Funding is critical, however, NAICOM will continue to work with all stakeholders to develop strategic, sustainable and implementable initiatives for deepening insurance penetration to enable optimal contribution to the Nigerian economy,” he assured.
