NAICOM’s meeting with Governors on boosting IGR via insurance holds soon

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Chuks Udo Okonta

The National Insurance Commission (NAICOM), has official written to state Governors through the Governors’ Forum seeking an opportunity to dialogue with them on how to boost their Internally Generated Revenues (IGR) through Insurance.

The Deputy Commissioner Technical, National Insurance Commission, Sunday Thomas; to Inspenonline that NAICOM is awaiting feedbacks from the governors, adding that the meeting is one of the earnest expectations of the commission in the first quarter of 2018.

According to him, the meeting will provide great opportunities for the commission to discuss the essence of insurance in the various states, especially, how the state’s can leverage insurance to boost their revenues.

To deplore insurance across states, NAICOM had secured an understating with Ogun, Gombe and Kaduna States.

The Commissioner of Insurance Mohammed Kari at a meeting with Kaduna State Government said the commission intends to establish a physical presence in Kaduna, stressing that in the absence of NAICOM’s active presence, charlatans have moved in to deceive insurance consumers and government alike that they are offering genuine insurance products and protection.

“Your Excellency, your government and state was at one time a victim. But for our timely intervention the damage would have been unimaginable. We believe this collaboration will open up several opportunities that will be to the benefit of the state as well as the insurance industry when consummated. We have developed a guideline that will make it for easy execution of the collaboration and partnership,” he said.

On benefits to accrue to states, he said: “Benefits that would accrue to the state from this collaboration includes: The provision of genuine insurance products to the government and people of Kaduna State.
Opening of another veritable source of Internally Generated Revenue (IGR) for the State Government. Creation of employment for the citizenry and it will free government of the burden of having to compensate victims from its scarce resources in event of occurrence of mishaps or natural disaster.”

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