National Insurance Commission (NAICOM), yesterday, unveiled a five-year industry-wide programme to significantly deepen insurance coverage in the country, targeting an increase in insurance penetration from the current 0.5 per cent of Gross Domestic Product (GDP) to 10 per cent by 2031.
The ambitious target is contained in the Insurance Sector Strengthening Programme (ISSP), a 36–60-month initiative launched by the commission in partnership with stakeholders in the insurance industry.
The programme seeks to tackle low public awareness, weak consumer confidence, distribution gaps, inadequate capacity, and limited access to insurance among women, youths, and Micro, Small and Medium Enterprises (MSMEs).
Speaking at the launch, Commissioner for Insurance/ Chief Executive of NAICOM, Olusegun Ayo Omosehin, said the industry had reached a point where reform could no longer remain at the level of policy intentions but must translate into measurable improvements in coverage and consumer confidence.
Omosehin said despite the nation’s large economy and population, insurance penetration remained significantly below its potential, with many Nigerians either uninsured or underinsured.
