NAICOM outlines financial inclusion strategy for Insurance sector

The National Insurance Commission (NAICOM) has outlined strategy to achieve financial inclusion in the nation’s insurance sector.

Specifically, the programme is targeted to raise the penetration level of one percent in 2016 to 40 percent awareness level in 2020.

In a presentation at a seminar organized by the Commission for insurance journalist in Uyo, Akwa Ibom State at the weekend stated that the goal of achieving the target of 40% adult population penetration will be pursued through a broad range of coordinated interventions highlighted as follows:

• To provide enabling environment and framework for the excluded and low income population to participate and benefit from Insurances, through the development of legal and regulatory frameworks on Takaful and Micro insurance (the Commission issued the 2 Guidelines in 2013).
• Liberalization of Insurance intermediaries: referral agencies and new insurance agents.
• Define and implement insurance literacy programmes.
• Enforce quick settlement of claims and sanctions for infractions (establishment of a dedicated
• department complaints bureau in the Commission).
• Incentivize insurance companies to develop micro-insurance products, Takaful insurance and
• index-based insurance products to serve low-income/rural individuals.