NAICOM donates N40m to insurance rebranding project

Commissioner for Insurance, Mohammed Kari

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) today contributed additional N20 million to the insurance industry rebranding project, which brings its contributions to N40 million.

The insurance industry regulator had in February this year, contributed N20 million out of the N40 million pledged towards the rebranding project.

Today’s contribution, according to an insider source is a boost to the much awaited insurance industry rebranding project, estimated to cost N300 million, which was planned to kickoff in the first quarter of this year.

Investigations also revealed that many underwriters have made their contributions as agreed last year.

The Director-General, Nigerian Insurers Association, Mrs Yetunde Ilori, told Inspenonline that a good number of insurance companies have also remitted their contributions.

Efforts made to ascertain the number of contributors failed, as she said she cannot give the accurate number where she was as at the time we called. But noted that many firms have complied while some are still being awaited to contribute.

Insurance operators had agreed to raise 50 per cent of the funds for the rebranding project from companies gross premium income, and the balance 50 per cent, shared evenly amongst themselves.

The initiative, according to the committee, will be driven via social media, print and electronics, adding that greater attention will be on the social media due to the youth population.

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