The Commissioner for Insurance, Fola Daniel, on Tuesday said over three million Nigerians have insurance policies.
Daniel, while commenting on efforts by
National Insurance Commission (NAICOM) to ensure better penetration of
insurance in the country, revealed that Nigerians holding insurance
policies earlier were less than a million.
He, however, said various developments
between 2007 and 2015 led to the increase in the number of Nigerian
insurance policy holders.
Daniel said the commission would strive harder to ensure that more Nigerians purchased insurance policies.
“We will continue to drive the
enforcement of Compulsory Insurance through the Market Restructuring and
Development Initiatives,” he said.
He said the commission, through the
establishment of Nigeria Insurance Industry Database (NIID) for
effective verification of insurance policies, had brought more patronage
to the industry.
Daniel said the commission had also
developed insurance market for low income persons through the
introduction of micro insurance scheme.
The commissioner said the scheme had given low income Nigerians access to affordable insurance policies.
He, however, said the insurance penetration was still low in the country when compared to other countries.
Daniel said 36 insurance companies were listed on the Nigerian Stock Exchange.
He said the Nigerian insurance industry
recently moved to 59th from 63th position in the performance rating of
the global research center in the U.S.
NAN
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