NAICOM to deepen market growth with micro-insurance scheme

In a move to sustain the financial inclusion programme of the Federal Government, the National Insurance Commission (NAICOM) has expressed its commitment to expand the industry through the micro-insurance scheme.

The Commissioner for Insurance, Sunday Thomas, gave the assurance in a paper delivered at a one-day workshop, tagged, “the Future of the Nigerian Insurance Sector in a Shifting Landscape’’ organised for financial journalists in Lagos.

He said: “Micro-insurance scheme is a way to safeguard property or business from any unforeseen event, and when it happens, whatever loss ensured against will be compensated to the policyholder.”

The commissioner reiterated the need to reposition the industry to achieve maximum growth and make meaningful contributions to the Gross Domestic Product (GDP). He said this has been a concern to the commission.

He assured stakeholders of the commission’s renewed plans to consolidate its fundamental focus of developing the market and fostering insurance inclusion along with the mutual collaboration of the media as well as other stakeholders in the industry.

The commission in months to come will execute various regulatory and market development initiatives to strengthen the sector, he said.

Thomas said the global business environment is expected to grapple with the lingering effects of the COVID-19 pandemic and the ongoing Russian-Ukraine war that is negatively impacting the world economy.

He stated: “Engaging stakeholders, including the state governments towards ensuring the domestication of the laws to ensure compliance with compulsory insurances and improve the business of insurance in their respective states, has become imperative.”