Follow Us on Google
From Uche Usim, Abuja
Barring unforeseen circumstances of pandemic proportions, the National Insurance Commission (NAICOM) has projected the insurance industry Gross Premium Income (GPI) to grow from N630 billion in 2021 to N6 trillion by 2030.
The insurance sector regulator said the projection rides on the crest of carefully-tailored initiatives meant to stimulate growth in the sector.
The Head, Corporate Communications & Market Development, NAICOM, ‘Rasaaq ‘Salami, made the disclosure in a workshop paper entitled: ‘NAICOM’s Market Development Initiatives: The Journey so Far’, which he delivered at a NAICOM sponsored seminar 2022 Retreat for Financial Journalists held in Uyo, Akwa Ibom, State at the weekend.
According to him, aside from eyeing to drive GPI to N6 trillion by 2030, NAICOM would deepen the use of insurance as a strategic tool for stimulating growth in other facets of the economy and ultimately generate funds for the government for project development at the Federal and State levels.
He added that the initiative empties into creating over 250,000 new jobs and hundreds of thousands of indirect jobs.
Salami further revealed that the structures being put in place by NAICOM would rev up insurance consumer trust and confidence, boost insurance sector’s contribution to Gross Domestic Product (GDP) from 0.4 per cent to over 3.0 per cent and lower insurance gap from 94 per cent to 70 per cent.
He said market development remains capital intensive and as such needs a huge capital injection to sustain it.
He however assured that NAICOM would deepen its stakeholder collaboration to develop strategic, sustainable and implementable initiatives for boosting insurance penetration to enable optimal contribution to the Nigerian economy.
