Insurance World

NAICOM Frowns At Low Publicity Budget In Insurance Industry

NKECHI NAECHE-ESEZOBOR–Poised to increase awareness in the insurance industry, the National Insurance Commission (NAICOM) has frown at low publicity budget provided by insurance firms.

The Commissioner for Insurance, Sunday Thomas, said this at the just concluded 2021 NAICOM seminar for Insurance Journalists in Lagos that there is need to improve their budget on publicity as the level of insurance awareness is still relatively low in the country.

“We are too far behind, not much of insurance is known.”

According to him the regulator will do it’s best “but I tell you that the operator s must corporate with us for all of us to be on the same page”, he said.

He noted that continuous publicity is required to properly deepen penetration insurance in the country.

He stressed that insurance operators should make adequate budgetary provisions for creation of awareness on the enormous benefits derivable from insurance.

On insurance industry committee, Thomas said that the regulator has concluded arrangements to reactivated the committee. This he said will happen soon than expected.

According to him he has met with the leadership of the Nigerian Insurers Association (NIA) on how to bring back the committee.

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