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| Participants at the event |
Chuks
Udo Okonta
A
campaign on how to make insurance work for Nigeria and targeted at deepening of
insurance awareness and culture, has been launched.
The
project is driven by Transparent Protection Ltd/Gte,(TPL) an insurance consumer
awareness, protection and advocacy NGO.
Represented
at the launch in Abuja on Tuesday October 21, were National Health Insurance
Scheme (NHIS), GIZ (a German development partner), leading insurance
underwriters, the leadership of Nigerian Council of Registered Insurance
Brokers (NCRIB), Association of Registered Agents of Nigeria (ARIAN), Chartered
Institute of Insurance of Nigeria (CIIN), Nigerian Agricultural Insurance Corporation
(NAIC), the civil society, and others.
The
forum applauded and unanimously endorsed Making Insurance Work Network of
Nigeria (MIWNET), as the body charged with the running of Making Insurance Work
for Nigeria Campaign (MIW4NC), and called for the support of all stakeholders.
The
overall objective of MIW4NC is to promote and increase the contribution
of insurance to the GDP from below one to three per cent in 36 months. MIW4NC
is a collaborative and knowledge driven system support platform for insurance
using the power of media.
Addressing
stakeholders, the Chairman of the occasion, J. U. Ibe held that the campaign is
an idea whose time has come and should be vigorously pursued and sustained.
Accordingly, he appreciated and encouraged the facilitators of the campaign,
Transparent Protection Ltd/Gte,(TPL) an insurance consumer awareness,
protection and advocacy NGO, and urged them not to relent in their passion for
and efforts in promoting insurance culture in Nigeria.
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| Participants |
In
his welcome address, the Programme Manager of TPL, Godson Ibekwe-Umelo, stated
that public contempt for insurance and lack of grassroots awareness about
insurance is among the major problems militating against insurance sector
development in Nigeria. Strengthening the industry and re-establishing public
confidence is therefore a priority for Nigeria. Regrettably, insurance sector
stakeholders have adopted a solo approach in creating insurance awareness, a
situation that has made it difficult if not impossible for the sector to
sufficiently address the challenges; and that attaining the desired level of
insurance awareness for the country will entail that stakeholders work as a
team, he maintained
The
Programme Manager concluded by drawing the attention of regulators, namely
National Insurance Commission (NAICOM) and NHIS on the need for a comprehensive
framework for protecting the interest of policyholders and beneficiaries of
online insurance in Nigeria.
The
facilitators of the event also used the opportunity of the launch to make
public presentation of a report of a research it carried out on “No Premium No
Cover” policy.
The
report reveals among other things that: “The No Premium No Cover” policy as
currently enforced by NAICOM in the insurance sector has been effective
although NAICOM will need to brace up in its general supervisory responsibilities
in order to sustain the gains of ‘No Premium No Cover policy.
It concludes that there is a strong relationship
between effective enforcement of the ‘no premium no cover’ policy and
growth of the industry gross premium income, and that a major challenge to the
enforcement of the policy is that government is yet to fully support the policy
as evidenced by its reluctance in some cases to pay insurance premium as at
when due.
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