NAICOM launches microinsurance guidelines

From left: Director Research Strategy and Information Technology National Insurance Commission (NAICOM), Adamu Balanti; Deputy Commissioner Finance and Administration, (NAICOM), George Onekhena and Director-General Nigerian Insurers Association (NIA) Sunday Thomas at the launch of microinsurance guidelines in Lagos.

From left: Director-General Nigerian Insurers Association (NIA) Sunday Thomas; Deputy Commissioner Finance and Administration, National Insurance Commission (NAICOM), George Onekhena and Head of Component, Finance Sector Reform, GIZ Sylvia Hoster, at the Launch.

·         Inaugurates steering committee

Chuks Udo Okonta

The National Insurance Commission (NAICOM) today Wednesday, launched the industry’s microinsurance guidelines.

The commission at the launch in Lagos also inaugurated a steering committee that would assist in making the initiative succeed. The committee is headed by the Director-General Nigerian Insurers Association (NIA) Sunday Thomas.

The Commissioner for Insurance Fola Daniel, who was represented by Deputy Commissioner Finance and Administration, NAICOM, George Onekhena, said the introduction of microinsurance, would help reposition insurance practice in the nation, adding that it would help deepen penetration and reach-out to the public at the grassroots.

He called on would be operators to leverage the opportunities provided by technology and initiatives in the banking sector to reach out to the public, stressing that without technology, it would be difficult for the operators to operate successfully.

He called on the committee to explore the successes recorded in other nations where the practice has been entrenched and workout measures that would make the practice successful in Nigeria.

Chairman of the committee, promised to leave up to the confidence reposed on them, adding that the job assigned them is significant and that they would give it the seriousness required.

He said the committee would engage in studies, consultations and examine how nations that are making progress got to where they are.

“We are conscious of the urgency of the assignment, and would maximise advantage of the time we have. We will do our utmost best to meet the expectations reposed on us,” he added.

Members of the committee were drawn from NAICOM, NIA, Central Bank of Nigeria (CBN), Small and Medium Enterprise Development Agency of Nigeria SMEDAN, National Association of Micro Finance Banks and other sectors.