By Patience Saghana
National Insurance Commission (NAICOM) has been urged to eradicate fake insurance companies and make premium affordable to attract public patronage.
Obong of Calabar, Edideam Ekpo Okai Abasi, who was represented by the Chairman, Documentary Committee, Calabar Council of Elders, Mr Etubong Alex Otu Edem, said in Calabar that the existence of fake insurance companies portrays the industry in bad light, adding that urgent measures should be taken to rid the industry of the menace.
He noted that the nation’s population portends enormous opportunities for insurers to boost their premium income, adding that insurers should develop products to meet the needs of the public.
Abasi pledged support for initiatives by government and NAICOM aimed at improving the wellbeing of the people.
Commissioner for Insurance, Mr Fola Daniel, said NAICOM has adopted measures to reposition the industry. He noted that the Market Development and Restructuring Initiative (MDRI) was designed to deepened insurance market.
He noted that the initiative which has been launched in some geo-political zones will be launched in Calabar soon, adding that the initiative through insurances of public and buildings under construction will cater for risks associated with collapsed.