Insurance premium to rise N1 trillion
Fola Daniel,
commissioner, National Insurance Commission (NAICOM), has disclosed
that the Commission plans to grow insurance premium to N1 trillion,
from N200 billion, by 2012.
Mr. Daniel said
this during an interview with the News Agency of Nigeria (NAN)
yesterday in Lagos. According to him, the Commission is working on the
successful implementation of its Market Development and Restructuring
Initiatives (MDRI) to realise the objective.
He said to achieve
this, the Commission started with the roadshow on compulsory insurances
in Lagos, and it was meant to call the attention of the public to
insurance policies.
“The launching of
the enforcement of the compulsory insurances will soon be done in
Lagos. After the launching, NAICOM will partner with the law
enforcement agencies to ensure full compliance,” he said.
He said that with
these in place, the sector had no reason not to achieve the target. He
stressed that the commission had since realised that besides issuing
out regulations and guidelines, it needed to do more to assist the
operators to meet the minimum standard.
He said that the regulatory authority was also committed to grow insurance penetration from 6 percent to 30 percent by 2012.
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