Fed Govt directs NAICOM to deepen insurance penetration
The Federal Government has directed the National Insurance Commission (NAICOM) to deepen insurance penetration by making insurance companies develop new insurance products and policies. Minister of Finance, Budget and National Planning Mrs Zainab Ahmed gave the directive in Abuja yesterday when the Governing Board of NAICOM visited him. She said: “There would be a need to achieve more insurance penetration in the country. In this regard, there is a need to evolve new insurance products and policies.” The finance minister said: “Members should commit to develop and implement policies that would promote the reputation of the industry through prompt payment of claims. Your target should be to take the industry to greater and enviable heights during your tenure.’’ Chairman, NAICOM Dr Abubakar Sani told the minister that they were “working hard to proffer solutions to curb the ugly trend of insurance failure by way of instituting strong regulatory measures in the Board of directors of all the insurance entities to make them perform better, by adhering to their corporate rules that establish them”.