Minister charges NAICOM to boost insurance sector’s contribution to GDP

ff zainab ahmed
ff zainab ahmed

From Uche Usim, Abuja

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Friday charged the National Insurance Commission (NAICOM) to boost the sector’s contribution to the Gross Domestic Product (GDP), noting that the current insurance penetration of 0.88 for 2021 remains very low.

The minister gave the charge in Abuja while commissioning the new NAICOM portal at its headquarters.

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She urged the commission to leverage technology to harness the abundant opportunities for growth in the insurance market by developing new innovative products based on data and customer preferences and introduction of new channels of distribution beyond the traditional channels to reach new segments of the market.

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“There is also a need for cooperation with other agencies of government to enforce compulsory insurance in the country. Stakeholders in the industry must consciously and intentionally spread the reach of insurance from the major cities and few states to other regions of the country, especially the rural areas. Low penetration in the retail end of the market must also be addressed through vigorous drive of inclusive Insurance like micro insurance and takaful.

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“Dwindling Government revenue profile demands that the commission must look into ways of increasing its revenue through the use of technology and the portal in particular. I urge the commission to ensure the portal is connected to other government databases like the National Identity Management Commission (NIMC) NIN database, Nigeria Immigration Service (NIS) Passport database, Nigeria Integrated Customs Information system, FRSC’s National Vehicle Identification System, the National Vehicle Registry, State Licensing Databases among others in order to provide value added services to all Insurance Industry stakeholders and enhance revenue generation.

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