By Favour Nnabugwu
The nation’s insurance industry has done well with it’s progress so far as the Head Corporate Communications and Market Development Department,. Mr.Abdul Rassaq Salami revealed that 42 million Nigerians have so far been insured at as December 2020.
Salami who was elated by the progress of the insurance industry coupled with the leadership style of the Commissioner for Insurance, Mr. Sunday Thomas, reel out some margins achieved so far.
“Launched Market Development and Restructuring Initiative (MDRI) in 2009 as a vehicle to amongst others drive enforcement of compulsory insurances, reduce incidences of fake insurance and in the process, grow the approximately 800,000 Nigerians insured in 2010 to 24 million in 2016 and 42 million by 2020 while achieving N1 trillion Gross Written Premuim
He went further to say that policies held by individual Nigerians stood at 1,034,383; Corporate & Non-Individual policies reached 891, 128; Total policies written was put at 1,925,511; Penetration as at December 2020, 0.72% (About 1%) while the Gross Written Premium by 2020 hit N520billion.
Salami said that NAICOM’s market development initiatives have indeed been very successful.
The image maker of Naicom said that the regulators were pursuing compulsory microinsurance and Takaful, with vigour.
The Commission according to him, would do more to promote Micro-Insurance and Takaful while enforcing Compulsory insurances across the States in Nigeria.
Above all, Salami said that builders liability insurances; Group Life Insurance; Healthcare Professional Indemnity Insurance; Occupiers Liability Insurance; and Motor Third party Liability Insurance would receive fresh push, going forward