NAICOM, GIZ, Munich Re Foundation, others stage Microinsurance confab

Chuks Udo Okonta

 

The National Insurance Commission (NAICOM), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Making Finance Work for Africa (MFW4A) and the Munich Re Foundation in partnership with the Nigerian Insurers Association (NIA) and the Microinsurance Network, will be organising an international Microinsurance Conference to unlock the over N60 billion untapped business opportunities.

 

According to NAICOM the conference is scheduled to hold on September 10 -11, at the Transcorp Hilton Hotel in Abuja. It noted that the event will be an incubator of new ideas where the key stakeholders of the Nigerian insurance sector and related parties discuss approaches for promotion and practical implementation of microinsurance.

 

The commission noted that sessions will be designed to focus on future developments and how issues, lessons learnt and international best practices can be adapted for Nigeria, adding that the conference will provide: An opportunity for policy makers, private sector innovators, representatives from civil society and technical assistance providers to network with their peers, discuss their experience, exchange knowledge from good practices and discuss innovative approaches to promote microinsurance in Nigeria.

 

It said the confab will be a market place to showcase innovative ideas, tools, expertise and initiatives to support development of the Nigerian insurance sector and to match demand and supply; and presentations of activities and achievements in the development of microinsurance in Nigeria and around the globe.

Managing Director Riskguard-Africa Nigeria Limited Yemi Soladoye, said the embrace of microinsurance and retail market would trigger a revolution in the industry, adding that some few companies that have keyed into the system are presently doing very well.

He urged insurers to develop products that suit the need of the public, adding that any product that does not take default into consideration would fail. He said most insurers sell products and not solution.

He noted that research has revealed that Micro Finance Banks (MFBs) in the country presently have over 20 million customers, stressing that the customers are good prospects for microinsurance.

He said the problem of insurance is that most people lack education on how it operates, adding that it is worrisome that most operators recycle products developed by their counterparts.