NAICOM Targets N1trillion Insurance Premium

Mr Fola Daniel, Commissioner, National Insurance Commission (NAICOM) says the Commission plans to grow insurance premium to N1 trillion, from N200 billion, by 2012.

Daniel gave the assurance in an interview with the News Agency of Nigeria (NAN) on Tuesday 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.

“The Commission is committed to growing the industry’s premium income to N1 trillion from N200 billion by 2012.

“To achieve this, we 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.

Daniel said that with these in place, the sector had no reason not to achieve the target.

Daniel 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 minimum standard.

He said that the regulatory authority was also committed to grow insurance penetration from 6 per cent to 30 per cent by 2012.

The Commissioner said that NAICOM was also committed to raising the industry’s contribution to the Gross Domestic Product (GDP) from the present 0.7 per cent to 3 per cent by 2012.

According to him, once the insuring public and organisations fully comply with the various compulsory insurances the expectations of NAICOM would have been met.

NAN reports that some of the compulsory insurances include insurance of public and private buildings, insurance of building under construction, group life insurance and motor third party insurance, among others.