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Chuks Udo Okonta
The enforcement of No Premium No Cover policy has forced down insurance outstanding premium to 0.2 per cent, National Insurance Commission (NAICOM) has said.
The Commissioner for Insurance Sunday Thomas, disclosed this yesterday at the 2023 NAICOM Conference for Insurance Journalists in Uyo Akwa-Ibom State, adding that the enforcement of the policy has transformed insurance business in Nigeria.
According to him the drop in outstanding premium was contained in a research conducted by the Central Bank of Nigeria (CBN).
Thomas noted that though the policy was initially resisted by some persons when it was initiated, but NAICOM was persistent, knowing the value the policy would deliver.
He said the Commission would continue to enact policies that would be beneficial to all insurance stakeholders.
The NAICOM boss submitted that the implementation of No Premium No Cover policy, has helped insurance to effectively undertake their operations, as premiums are now collected before covers are granted.