By Omobola Tolu-Kusimo
The number of uninsured Nigerians is among the world’s largest within prospective insurance markets.
According to the National Insurance Commission (NAICOM), this is as a result of its inability to enforce the compulsory insurance laws and lack of cooperation among insurance operators in the country.
The commission is, therefore, seeking the passage of the Insurance Consolidated Bill, 2020, to drive the development of the insurance sector.
The Commissioner for Insurance, Mr. Sunday Olorundare Thomas made this known during an Insurance First Law & Impact Consulting Webinar Series.
He said realising the potential had been difficult with the sector fragmented and in need of consolidation.
“Nigeria has used policy interventions in the past to try and increase the rate of insured customers but execution of these policies has proven challenging as the long-awaited increases in minimum capital requirement is yet to be completed.
“To say the least, enormous opportunities abound in the Nigerian insurance sector and we have so many compulsory insurances that one can hardly find in any other jurisdiction. The problem is enforcement and lack of cooperation among operators. With the advancement and deployment of present-day technology it is expected that all compulsory insurances will be adequately enforced.”
“The nation’s population is also an advantage as insurance is all about number. Nigeria has that advantage hence major global players in insurance are all rushing to the country to grab a space. But the proposed insurance bill that is to be is before the National Assembly will no doubt begin to receive the desired attention than ever from the lawmakers, the bill when it becomes law will assist tremendously in growing the Nigerian insurance sector,”he noted.