Retail, awareness creation vital for insurance penetration – NAICOM

Sunday Thomas

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Chuks Udo Okonta

Showing more commitments to retail insurance practice and creation of robust awareness would help deepen underwriting penetration, the Commissioner for Insurance, Sunday Thomas, has said.

He told Inspenonline that the National Insurance Commission (NAICOM) would continue to encourage insurance practitioners to explore opportunities in the retail market space.

He said efforts would also be intensified to create awareness on benefits of insurance, stressing that the people need to know more on the benefits of insurance.

“We need to encourage and mop up individual lability. Another thing is that we have not been able to communicate the benefits of insurance to the public. Why should we be raising money for relations when a member of the family dies? That would have been done through insurance. We must begin to tell people about insurance. That would be the game changer,” he posited.

Thomas said the industry is working assiduously to ensure the sector parades robust data that would reposition its operations. He commended African Reinsurance on what it is doing in the area of developing the sector’s data.

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