Akin Ogunbiyi, the Managing Director of Mutual Benefits Assurance, says recent returns from micro insurance products can raise the industry’s MDRI target to N1 trillion.
Ogunbiyi said in an interview on Friday in Lagos that operators in the informal sector held the key to the realisation of the N1 trillion target.
Market Development and Re-structuring Initiative (MDRI) is the framework of the National Insurance Commission (NAICOM) for measuring the industry’s growth.
NAICOM had proposed to hit the target in 2012, but failed.
Ogunbiyi said that the sector was becoming more vibrant in line with the objective of Vision 20:2020.
He said that premium in the sector was easy to collect, while its claim report was low and easy to verify.
"Having invested much in the micro insurance business, we are now reaping the benefit.
"We are collecting close to N1 billion monthly on our various micro insurance products.
"We have also boosted employment nationwide with almost 7, 000 insurance foot soldiers who sell various products.
"Imagine what will happen if all insurance companies come on board," he said.
Ogunbiyi said that there were still many areas to explore as the operators could leverage on the over 160 million population.
He, however, said that companies should expect to make some sacrifices at the take off stage due to investments on infrastructure.
According to him, once the foundation is laid and the companies win the trust of potential buyers, consumers will come willingly with their own ideas and needs.
Ogunbiyi said that Mutual Benefits Assurance had registered over 1,000 cooperative societies to market its micro insurance products.
Source NAN
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