By Maduka Nweke
THE National Insurance Commission (NAICOM) has unfolded plans to drive insurance penetration in all states of the federation.
Commissioner for Insurance, Mohammed Kari, stated this at a retreat for Insurance Correspondents and Business Editors held at the Legacy Hotel, Obasanjo Presidential Library (OPL) in Abeokuta, Ogun State last weekend.
Kari said the Commission was already persuading state governments across the nation on the need for compliance with compulsory insurances.
He noted that compliance and enforcement of the compulsory insurances was key to promoting insurance adoption, acceptance and profitability.
Kari said that the insurance industry would grow better if the reaction from consumers as to what need they want of insurance products and how existing products affect their day to day activities.
He also noted that as part of plans to enforce the Market Development and Restructuring Initiative (MDRI), the Commission is partnering relevant agencies as well as State governments to ensure that public assets are valued, assessed and insured.
According to him, “We have taken the campaign to state governments to see how we can enforce compulsory insurances. Doing this at the state level will open up several opportunities that will be to the benefit of the the states as well as the insurance industry.”
He noted that discussions are already going on with some state governments on the need to adopt compulsory insurances, adding that the Commission would extend such crusade to all states of the federation, as that would ensure that the motive of the MDRI is achieved.
“Our motive is to ensure that all the 36 states, including the Federal Capital Territory (FCT) comply with these insurances,” he stressed.