About 80% of insurers' products approved in 2012 are doing well - NAICOM

Chuks Udo Okonta

The National Insurance Commission (NAICOM) has said about 80 per cent of the products it approved for insurers last year are performing well, contrary to the belief that products do not sell because they are not people centred.

A statement by Head, Corporate Affairs, NAICOM 'Salami 'Rasaaq, said to align the industry with the trends in the emerging market, the commission encourages the insurance companies to   design and market attractive new products to entice customers with the aim of increasing sales and market development.

He said: “The world is witnessing paradigm shift from simple to complex society due to technological advancement. The dynamics of the environment changes the consumer’s wants and needs in respect of insurance products.

“Following the trends of the emerging market, the Commission encourages the insurance companies to   design and market attractive new products to entice customers with the aim of increasing sales and market development. Companies are to subsequently submit updates on the product performance on quarterly basis after approval has been granted to them by the Commission to sell the products.

“The report reveals that about 80 per cent of the products approved for the year 2012 are performing well.”

The product update published by NAICOM shows that companies like Mansard Insurance Plc, Leadway generated huge premium from their last year’s approved products.