Insurance

Foreign entrants drive sales of personal line insurance – NAICOM

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Chuks Udo Okonta

The advent of foreign players in the insurance industry has brought a shift from wholesale insurance to personal-line products, Inspen can report.

The Commissioner of Insurance, Mohammed Kari, said this at a forum organised by the Nigerian Council of Registered Insurance Brokers (NCRIB) in Abuja. He called on insurance brokers tag into the huge opportunities in personal-line business to expand their operations.

“Nigerian market remains huge and largely untapped. We don’t all have to operate in the cities or follow corporate accounts, there is more in selling personal-line or retail business using modern technology.

“We have gladly notice a shift to personal-line products of recent. And this move is being led by the advent of foreign players in the industry. One would expect that Insurance Brokers will take this opportunity to expand their operations in these areas,” he said.

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