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NAICOM moves to deepen Insurance Coverage

The National Insurance Commission, NAICOM says the prospect for the development of the Insurance sub-sector is very positive.

This is in view of its regulatory activities which included Market development, enforcement of compulsory Insurance in collaboration with State Governments, sensitization of stakeholders, introduction of reforms, and capacity development programs.

The Commissioner for Insurance, Mr. Sunday Thomas stated this in a message to the Retreat for Financial Journalists in Uyo Akwa Ibom State.

Mr. Thomas explained that the Commission was trying to close the gap in areas where Insurance uptake is disproportionately low through strategic partnerships with Kano State as a litmus test.

He said even though data from the National Bureau of Statistics suggest some growth in the Insurance industry, there was still a large room for improvement as the potential remains huge.

The Insurance Commissioner said NAICOM was leveraging technology to make Insurance more visible and attractive thereby deepening financial inclusion in the process.

Reporting by Biodun Dare, editing by Daniel Adejo.