• Thursday, May 30, 2024
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NAICOM to consolidate industry’s goals with new insurance development roadmap

NAICOMFola Daniel, the commissioner for insurance, National Insurance Commission (NAICOM), on Thursday announced that the commission was developing a new insurance industry development roadmap.

Daniel announced this in Lagos at the inauguration of Public Enlightenment and Consumer Protection Programmes of the Insurance Consumers Association of Nigeria (ISCAN).

Daniel, represented by George Onekhena, the NAICOM deputy commissioner finance and administration, said that the development plan would help to consolidate and ensure the targeted goals of the insurance sector.

According to him, the commission will incorporate all stakeholders including consumer associations in the proposed national insurance blueprint.

“The way insurance industry is now, is not helpful to majority of the citizenry because people need insurance to live a good life.

“People should be able to take at least a life insurance regardless of their financial capacity.

“This is what insurance is all about and the commission feels that the development plan will help with this situation,” he said.

Daniel said that insurance companies should support the activities of ISCAN, adding that it was a business meant for all the stakeholders.

He said that the support was necessary as ISCAN activities would increase the public demand for insurance.

The commissioner said it would also help to reposition the general perception about listed insurance companies stocks at the capital market as well as create new employment.

He said that NAICOM would continue to work towards its main duty of protecting policy holders and third parties especially victims of hit and run drivers.

The national president of ISCAN, Admiral Isaac Areola (rtd.), said the association was formed because of problems of marketing insurance products in Nigeria.

“As old as insurance is in the country, its presence has not beenfeltbythepeople,” he said

Areola said that while  insisting and ensuring that claims were paid to consumers, the association would also create massive awareness among the public on the essence of insurance.
He said that the materials on various aspects of its activities would be printed and distributed to over one million people nationwide.