Insurance

NAICOM eyes 120m Nigerians for N1.5tn insurance gross written premium

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) is targeting 120 million Nigerians of which it hopes to convert 24 million of them to insurance policyholders in its bid to achieve N1.5 trillion gross written premium.

The Head, Corporate Communications and Market Development, NAICOM, Salami Rasaaq, disclosed this in a paper entitled: Market Development Drives of NAICOM: Initiatives and Prospects, delivered at the 2021 NAICOM seminar for Insurance Journalists in Lagos.

According to him, insurance policies presently held by individual Nigerians are, 1.03 million, while corporate and non-individuals hold 891,128 amounting to 1.93 million policies. He added that insurance penetration as at December 2020 was 0.72% and gross written premium N520 billion.

He said the projection would be achieved through working with small and medium cohorts across geo-political zones; building trust among the insured leading to more referrals; building confidence in the sector by reducing incidences of fake insurance and implementing penalty for non payment of claims and working with digital companies with access to data and information for wider reach and impact.

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