By ROSEMARY ONUOHA
Sovereign Trust Insurance Plc, STI, said it will from the beginning of next quarter launch its campaign on radio and the print media on the Market Development and Restructuring Initiative, MDRI, to further give vent to the on-going awareness campaign instituted by the National Insurance Commission, NAICOM.

The company in a statement said the move is part of its contribution to the growth of the insurance industry in the country, and in support of the awareness campaign launched by NAICOM on the products under the MDRI.

The products under the  MDRI, are compulsory insurance products backed by the laws of the Federal Government of Nigeria and are geared at protecting the lives and properties of the general public in crisis situations in form of monetary compensation.

The MDRI products are the classes of insurance made compulsory by law under the Insurance Act 2003 and include the Builders Liability Insurance; Occupiers Liability Insurance and the Motor Third Party Liability Insurance. Others are the Healthcare Professional Indemnity Insurance under the National Health Insurance Scheme Act of 1999 and Group Life Assurance under the Pension Reform Act of 2004.

Managing Director of Sovereign Trust, Mr. Wale Onaolapo said it has become absolutely imperative to compliment the efforts of the regulatory body in ensuring that adequate and effective awareness is created for the MDRI project.

According to him, the industry stands to benefit immensely from the initiative if practitioners are committed to it in every sense of the word. He identified lack of adequate information on insurance products and services as a militating factor against the growth of the insurance industry in Nigeria.

Mr. Onaolapo contended that concerted efforts by all underwriters in the industry as regards the promotion of the MDRI products will go a long way in deepening the penetration of these compulsory insurance products to every nook and cranny of the business landscape in the country and subsequently grow the revenue base of the industry. He said Sovereign Trust Insurance Plc is really desirous of taking advantage of the opportunities that the MDRI products will bring to the marketplace.

In the same vein, the Divisional Head, Technical Operations, Mr. Tajudeen Rufai has assured the insuring public that the Company has put in place a-stress-free underwriting documentation process in all its branch offices nationwide and equally enjoined them to walk into any of these offices nearest to them and pick up any of the MDRI products applicable to them.

NAICOM, and the Advertising Practitioners’ Council of Nigeria, APCON have duly granted approvals for the exposure of the advertising materials to the general public in the selected media.