The on going projects of the National Insurance Commission (NAICOM) and the Chartered Insurance Institute of Nigeria (CIIN) are to endear 55,000 employments to the insurance industry.
The insurance regulator and the industry training arm have both embarked on projects that would create 55,000 employments to the insurance industry.
NAICOMâ€™sÂ Market Development and Restructuring Initiative (MDRI) projectÂ is envisaged to engender the creation of additional 50,000Â jobs in the industry through the Agency Network System.
NAICOM recently inaugurated an 11-man Working Committee for the implementation of the MDRI programme.
Mr. Fola Daniel, Commissioner for Insurance had charged the Committee to do all within its best to ensure the success of the programme.
According to him, â€œWe will also engender the creation of additional 50,000 jobs in the industry through the agency work system in addition to achieving a substantial increase in GDP from 0.72 per cent to four per cent .This will enhance citizensâ€™ access to relevant, affordable and problem â€“ solving insurance products and lowering of insurance gap from 94 per cent to 70 per cent.â€
The Committee shoulders the responsibilities of implementing the MDRI project, which will by and large deepen the insurance market. Your success or otherwise will therefore be determined by the attainment of the set goals embedded in the MDRI blue-print
He said, â€œThe MDRI project is conceived as medium term plan of implementing the first phase of reforms in the areas of capacity building, market efficiency, and consumer protection in the Nigerian insurance market. It is envisaged that at the end of 2012, industry gross premium would move from N160bn to N1tn.
NAICOM boss affirmed that with increased awareness and capacity building, the insurance industry in Nigeria had the potential to faster more than the banking sector.
He however noted that the growth of the insurance industry had been hampered by the activities of fake insurance agencies adding that NAICOM was working towards tackling the problem.
The CFI said, â€œWe want more Nigerians to buy insurance. Deepening the insurance culture among Nigerians will lead to financial securing. Currently, the insurance industry has the potential to grow more than the banking sector .If half of the population buys insurance; we will grow bigger than the banks. In other countries, insurance contributes substantially to the growth of GDP .We believe that we can replicate such growth in Nigeria.
Meanwhile, Mr Adegboyega adepegba, Director-General of the Chartered Insurance Institute of Nigeria (CIIN) said the institute has not relent in its operation 5,000 graduates for employment in the insurance industry.
Adepegba stated that the operation get 5000 graduates into the insurance profession in less than three years from now, is an immediate challenge but we are working seriously towards it. It is our hope that in the next two years we would have been able to achieve more than 50 per cent of that. We will get highly qualified people, best brains, first class materials in the insurance industry. We will hijack the best materials from other discipline such as Engineering, law, medicine amongst others and beg them to come into insurance.
According to him, â€œIf the insurance awareness in Nigeria is raised and people embrace insurance and work in the industry especially the targeted 5000 people, definitely the future of insurance industry in Nigeria is very rosy, very good, and there is nothing stopping us from achieving the goals.â€