Nigerians should be able to have life insurance "regardless of their financial capacity", according to Fola Daniel, commissioner for insurance at Nigeria’s National Insurance Commission (NAICOM).
Daniel said NAICOM is developing a new development roadmap that will take the Nigerian insurance industry to the next level.
He made the announcement in Lagos at the inauguration of Public Enlightenment and Consumer Protection Programmes organised by the Insurance Consumers Association of Nigeria (ISCAN).
Daniel said the support of the industry was necessary as ISCAN activities would increase penetration and create public demand for insurance services.
He said the commission will continue to enforce appropriate measures in the industry to protect policyholders.
Daniel added that NAICOM will continue to insist on insurance providers settling all genuine claims promptly to sustain consumers’ confidence in the industry.
According to data from Timetric’s Insurance Intelligence Center, the Nigerian insurance industry grew from NGN 189.9billion (US$ 1.2 billion) in 2009 to NGN 278.2 billion (US$ 1.7 billion) in 2013.This was due to the strong performance of the life segment.
According to NAICOM, only 1% of Nigeria’s total adult population has access to any kind of insurance products. This indicates a great scope for new insurers intending to operate in Nigeria.
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