The National Insurance Commission (NAICOM) could achieve a potential 10 percent penetration, N1.5 trillion Gross Written Premium (GWP) and 10 per cent increase in insurance density, Checkout Magazine learnt.
In a bid to achieve this, the commission is set to work with Small and Medium Enterprises (SME) cohorts across geo-political zones.
NAICOM Commissioner for Insurance, Mr Sunday Olorunda Thomas in an interview with reporters said the commission launched Market Development and Restructuring Initiative (MDRI) in 2009 as a vehicle to, among others, drive the enforcement of compulsory insurances, reduce incidences of fake insurance and in the process grow the industry.
He said: “Target market however is Government, Micro-, Small and Medium-sized Enterprises (MSMEs) and Millennials and Gen Z, which make up 60 per cent of our population.
“Our strategic themes include increased awareness and education; stakeholder’ grooming/partnerships; high-impact media productions; and a social/digital NAICOM
“To increase awareness and education, we will also launch a joint implementation task force with police, FS, FRSC, Ministry of Justice, Mobile Courts, Ministries, Department and Agencies (MDAs) at all levels, among others. We will hold insurance stakeholder’s forum/town hall meetings, launch the Insurance Industry Thought Leadership Series on Testimonials and Endorsements, among others.”
