Gbadebo
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Chuks Udo Okonta
The Micro Insurance Committee of the Nigerian Insurers Association (NIA) has raised concern over inadequate micro insurance products in the market.
In a report submitted to the association, the committee said there is urgent need for capacity building so as to roll out more appropriate and client specific products to meet the market needs.
The committee also noted that the inability of member companies to secure operational licence and product approval had adversely affected the micro insurance business. It therefore called on the National Insurance Commission (NAICOM) to review its stance on micro insurance licence and product registration to allow many more companies to enter the market.
National President, Association of Registered Insurance Agents of Nigeria (ARIAN), Gbadebo Olameru, who spoke with Inspenonline on the matter said, operators in the micro insurance business are very few and that the products are also few.
According to him, making the product line of micro insurance successful, will help serve and take care of the rural areas which presently remain uninsured.
He called on operators in the business to demystify micro insurance products to meet the needs of the huge untapped potentials.
