The National Insurance Commission (NAICOM) has urged the industry players to develop positive perception insurance policies to drive the sector growth in the country.
Speaking at the 52nd President of the Chartered Insurance Institute of Nigeria (CIIN) the Commissioner for Insurance, Olusegun Omosehin, against the backdrop of skepticism of many Nigerians to policies, said such policies, which could also be referred to as People Perception Policies (PPP), should be fashioned in a manner that would be attractive and difficult to reject.
Omosehin argued that underwriters needed to go beyond designing services and products to suit only the corporate world.
He listed some policies that could be developed as single ladies’ insurance, single men’s insurance, and, lost income insurance
For example, he said, “Women tend to want to get divorced; moreover, life is so unpredictable; this will help to compensate for the inevitable financial consequences that accompany challenges from such directions.’’
The commissioner said that the insurance sector’s N16 trillion total asset base target for Year 20230 was realisable if the industry’s potentials were well harnessed.
“ Such target mandates industry stakeholders to harness all potentials that were hitherto lying fallow; there are still many risks that lack insurance for mitigation.
“Insurance players have not been able to flood the market with enough risk covers and this is a major reason researchers described the Nigerian insurance sector as grossly untapped,’’ he said.
Omosehin said that less than one per cent of Nigerian housewives had insurance coverage, even though the industry had been in existence for close to a century.
He also stressed the need for industry operators to shun the current trend of unhealthy competition among themselves.
“This unhealthy competition has seen many of the underwriters charging premium rates that are as low as one percent while others charge at 0.85 per cent rate instead of the standard rate.
He said if the target of N16 trillion total asset base target for the Year 2030 is realised, the employment in the industry would move from 10,000 to generating not less than 300,000 employment opportunities per yearly.
She also called for inclusivity, inviting young professionals and members of the diaspora to contribute to the industry’s growth. Ilori articulated her vision for CIIN to not only be a leader in Nigeria but also to stand out in the global professional landscape. She expressed her determination to build a robust and resilient insurance industry, aligning with the broader economic objectives of the country.
As the new CIIN president, Yetunde Ilori’s, seeked for inclusivity, inviting young professionals and members of the diaspora to contribute to the industry’s growth. Ilori articulated her vision for CIIN to not only be a leader in Nigeria but also to stand out in the global professional landscape.
She expressed her determination to build a robust and resilient insurance industry, aligning with the broader economic objectives of the country.
