NAICOM partners states on market development

The National Insurance Commission (NAICOM) has reiterated its plan to further grow the Nigerian insurance industry by 2020, by collaborating with state governments to ensure the effective implementation of the second phase of the Market Development and Restructuring Initiative (MDRI).

The Deputy Commissioner, Technical, NAICOM, Sunday Thomas, who disclosed this, said the Commission is working to ensure the success of its major priorities for 2017 to 2020.

The MDRI is aimed at addressing issues of compulsory insurance products, insurance agency system, fake insurance institutions and rusk based supervision.

It is a plan that aims to bring about necessary reforms in the areas of industry capacity, market efficiency, and consumer protection in the Nigeria insurance market.

NAICOM had visited the Ogun and Gombe state governors to seek collaboration in the enforcement of compulsory insurance in the states which they obliged.

NAICOM has also paid a similar visit to the Kaduna State Governor to seek collaboration in enforcing compulsory insurance in Kaduna, and expressed the desire to establish a branch office in the state.

According to Thomas, arrangement is being made to speak to the Governors Forum, to talk to all the governors to see where they stand in the implementation of compulsory insurances in their states.

“And part of the selling point is the fact that it is going to enhance their employment initiative, increase their IGR, among other advantages,” he said.