• Thursday, December 07, 2023
businessday logo


NGO unveils plans to deepen penetration


Transparent Protection Limited, a non-profit organisation has disclosed plans to deepen insurance penetration in the country through innovative approach in insurance education and efficient service with special target for the un-insured in the grassroots.To actualise this, the promoters of the first-ever NGO will on June 18, 2013 launch the entity in Abuja; organisers tell the media and select civil society groups.

Godson Ibekwe, programme manager of TPL stated that the coming of the NGO is to steer revolution in insurance sector in Nigeria which to date has remained relatively underdeveloped despite huge potential.

Ibekwe-Umelo lamented the low contributions of the Insurance industry’s by the ratio to the Gross Domestic Product (GDP) which remained at less than one per cent while the industry is ranked 87th in the world in terms of penetration and said one of the main goals of the new organisation was reversing the ugly development.

“TPL is poised to help reverse this unfortunate trend by proactively mobilizing citizens, especially at the grassroots to take up insurance protection. Also, TPL will facilitate a platform for guaranteeing settlement of all genuine claims”, he assured.

He disclosed further that with a huge population of between 150 and 160 million people, the insurance sector in Nigeria has potential to become the biggest insurance market in Africa and among the largest in the world. “TPL would hinge its operations which are intended to impact positively on insurance penetration through advocacy, education, mobilisation and transparency and governance.”

Towards realizing this goal, TPL has established a robust platform for mobilizing the insuring public at the grassroots for mass patronage of insurance products and ensuring timely settlement of all genuine claims.