Group tasks NAICOM to review stance on microinsurance

From left: Managing Director, NEM Insurance Plc, Tope Smart; Chairman Nigerian Insurers Association, Eddie Efekoha and Director General, Mrs Yetunde Ilori at an event.

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has been urged to review its stance on microinsurance licence and product registration to allow more companies undertake micro insurance business.

This call was made in a report presented to the Nigerian Insurers Association (NIA) by its Micro Insurance Committee. According to committee, the inability of some member companies to secure operational licence and products approval is adversely affecting the industry.

The Committee which is headed by Ogunbayo Kolawole, also posited that there are inadequate micro insurance products in the market, and therefore, called for capacity building so as to roll out more appropriate and client specific products to meet the market needs.

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