Elated by the response of the public to the Market Development and Restructuring Initiatives (MDRI), launched in year 2009 to drive insurance penetration in the country, the National Insurance Commission (NAICOM) has given progress report on the scheme.
At the yearly seminar for insurance Journalist organized by NAICOM in Lagos, the Head Corporate Communications and Market Development, Abdul Rassaq Salami, said that the Commission was elated by the progress made since the initiatives was launched in 2009 as a vehicle for deepening insurance penetration in the country.
According to him, the initiatives was the vehicle to drive enforcement of compulsory insurances, reduce incidence of fake insurance and in the process grow the acceptance of insurance among the general public.
For instance, the initiatives grow the approximately 800,000 Nigerians insured in 2010 to 24 million in 2016 and 42 million in 2020, with a Gross Premium Income (GWP) of N1 trillion.
Salami said “of particular mention is the leadership style of the NAICOM boss that added value to the achievements, policies held by individuals stood at 1,034,383; corporate non-individual policies reached 891,128, total policies written reached 1,925,511; penetration level as at December, 2020 was 0.72 per cent, while the GWP by 2020 hit N520 billion. This development indicates that the Commission’s market development initiatives have been very successful.
According to Salami, the regulators were pursuing compulsory micro-insurance and takaful with vigour.
“The Commissioner would do more to promote micro-insurance and takaful while enforcing compulsory insurance across all the states in Nigeria”
“Besides, the Builders Liability Insurance, Group Life Insurance, Healthcare Professional Indemnity Insurance, Occupiers Liability Insurance and Motor Third Party Liability Insurance would receive fresh push in the future”.