NAICOM office

By Cynthia Alo

The National Insurance Commission, NAICOM, has urged Insurance Brokers to establish  presence in all the nooks and crannies of the country to accelerate insurance penetration and financial inclusion .

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Acting Commissioner for Insurance, Mr. Sunday Thomas gave the counsel  while addressing a delegation of the Nigerian Council of Registered Insurance Brokers, led by Mrs. Bola Onigbogi, on visit on the commission in Abuja.

Thomas said the vision to have the nation’s critical population accept and patronize insurance services would only be achieved if brokers who are professional intermediaries extend more of their operations to remote areas of the country, rather than urban areas.

The Commissioner also promised to increase its support in accelerating insurance growth by collaborating with all insurance stakeholders while advising operators, particularly insurance brokers to be more creative in their product development initiatives so as to make insurance first line of consideration by Nigerians, irrespective of their location and financial status.

Thomas lamented the over concentration of Insurance companies and brokerage firms in major cities and their reliance on government accounts stressing that there would not be effective enforcement of compulsory insurances in the hinterland with poor presence of underwriting and brokerage firms there.

Responding to Mrs. Onigbogi’s appeal on insurance penetration, which is the cardinal focus of her thrust of office as the President and Chairman Governing Board of NCRIB, Thomas noted that the issue of enforcement of insurance in Nigeria has always been on demand and supply side.

In the same vein, the Commissioner assure  that NAICOM would use its zonal offices to sensitise the public about the importance of insurance. He  however urged that all hands should be on deck to ensure that the supply side through operators are always available when the market is opened.

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In deepening insurance penetration, the acting Commissioner alluded to the fact that irrespective of operators’ poor presence in  some states and local government areas, issues of building collapse, fire incidences in offices and market places, motor accidents, flood and other insurable disasters go on unabatedly.



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