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Chuks Udo Okonta
The planned establishment of 12 new branches by the National Insurance Commission (NAICOM) would create multiple jobs Inspen can authoritatively report.
The Commissioner for Insurance Mohammed Kari, who dropped the hints on the commission’s plans to extend its operations to 12 new states, said the effort would help in bringing more state governments and the populaces into the insurance web.
The commission presently operates four zonal offices and a control office in Lagos.
Kari noted that the insurance sector is indeed a key component of the Nigerian financial system considering that in most developed jurisdictions, the insurance sector accounts for a significant portion of the economy. He posited that as an emerging and transitional economy and in line with the change agenda of the federal government, the relevance of the insurance industry becomes more critical as a provider of capital, employment and security.
He maintained that as the country’s economy continues to develop, and with the attendant risks involved in economic expansion and growth, it is indeed imperative to consider the role of insurance as an important determinant to progress and development.