Insurers backtrack after failed attempt to secure N50m rebranding support from NAICOM

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Chuks Udo Okonta

Insurance operators have gone back to the drawing table to brainstorm how to raise parts of the N250 million required to propel the industry’s planned rebranding project after they were unable to convinced the National Insurance Commission (NAICOM) on why it should contribute N50 million (20 per cent) to drive the initiative.

Inspen gathered that the operators approached the commission to support the project with N50 million, only to be told by the commission, that it would only contribute what it deeds fit and not to be compelled.

Investigations showed that the operators are divided on the issue as some believed the commission should contribute substantially, as the project would impact the one per cent deductions from companies earning that accrue to the commission.

Others are of the opinion that marker leaders in the industry should take the lion share of the projected N250 million.

Operators inability to muscled the funds required for the project had forced them to pushed the kick-off date of the project to first quarter 2018.

The Vice Chairman Sub Committee Publicity of the Insurers Committee, who is also the Managing Director Zenith Insurance Company Limited, Ebelechukwu Nwachukwu, had told Journalists in Lagos, that the committee is working to get insurance brokers and loss adjusters on board, stressing that since they are all parts of the industry, they would all pull efforts together to ensure the project succeeds.

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