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Campaign to rebrand insurance sector kicks off Q1‘18

By Rosemary Onuoha

A campaign to rebrand the insurance industry will kick off first quarter of next year (Q1‘18) as insurers have agreed to fund the campaigns with contributions from premium income of insurance companies.

•From left: Messrs Kunle Ahmed, Managing Director, Axa Mansard Insurance Plc; Val Ojumah, Managing Director, FBN Insurance; Adriaan van Heerden, Global Markets Development Manager, Institute and Faculty of Actuaries (IFoA), UK; Marjorie Ngwenya, President, (IFoA); Mrs. Yetunde Ilori, Director-General of Nigerian insurers Association (NIA); Mr. Eddie Efekoha, Chairman of NIA, and Assistant Honorary Treasurer of NIA, Mr. Bode Akinboye during a breakfast meeting with the IFoA team in Lagos

Addressing Journalists last week after the November Edition of the Insurers’ Committee meeting in Lagos, Managing Director, Custodian & Allied General Insurance Limited, Toye Odunsi, said the operators have all agreed to comply with the resolutions to ensure that the project commences in first quarter 2018 as planned.

He noted that the National Insurance Commission (NAICOM), Nigerian Council of Registered Insurance Brokers and other trade groups have also agreed to support the project financially.

According to him, most insurance companies have built in their contributions into their 2017 budget, stressing that the contributions would start before the end of this year, while the total sum would be pooled together in the first quarter.

The Director-General, Nigerian Insurers Association (NIA), Mrs. Yetunde Ilori, said the rebranding project would not be product based, but a general awareness campaign on benefits of insurance.

She noted that the campaign is geared towards encouraging Nigerians to rely on insurance even as they make adventures.

She said the industry hopes to use the campaign to encourage Nigerians to pursue their visions vigorously with the assurance, adding that insurers are always ready to support their dreams.

Stressing further, Odunsi said that agreement has been reached to broaden the channel of distribution and NAICOM has promised that before the end of this year, there will be a release of guidelines of new channels of distribution to increase penetration and ensure easy access to insurance in the country.


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