Thursday, January 27, 2022

    NAICOM wants increase in insurance publicity budget

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Ginika Okoye/Rukayat Adeyemi

    Lagos, June 5, 2021 The National Insurance Commission (NAICOM) has urged insurance operators to increase their budgets on insurance publicity to facilitate insurance penetration and awareness.

    Mr Sunday Thomas, Commissioner for Insurance (CFI) and Chief Executive of NAICOM made the call at the close of the annual seminar for insurance journalists in Lagos on Saturday.

    Thomas who said that not much of insurance was known by many citizens, noted that operators needed to cooperate with the regulator to achieve the goal.

    According to him, Nigeria is too far behind in terms of insurance awareness.

    Thomas said the commission had issued licences to five conventional insurance operators including four insurance companies and one re-insurance company to widen insurance scope.

    He said that two Takaful companies in addition to the existing two and four micro insurance companies had also been licensed while two were underway.

    He noted that the move was for the micro insurance to take care of those that could not afford the conventional insurance.

    “Financial inclusion policy is now a national policy and is being taken very seriously because the drivers of an economy are the people at the lower level of the pyramid.

    “The enforcement of compulsory insurance is also on. We have been trying to engage all round. We are determined to make a change, difference,’’ he said.

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