NAICOM to collaborate with NYSC on insurance awareness, penetration

The National Insurance Commission (NAICOM) says it will collaborate with the National Youths Service Corps (NYSC) to promote insurance sensitisation and improve penetration in the country.

Mr Adeyemi Abubakar, the Head, Market Development of the commission, said this at a seminar for insurance journalists, organised by NAICOM in Uyo on Saturday.

Abubakar said the strategy of the commission for penetration would be to set up weekly insurance Community Development Service (CDS) for corps members in the states.

According to him, corps members who belong to the insurance CDS group, will go round to educate communities on the benefits of insurance.

Abubakar said that the move would promote public understanding of insurance mechanism, build confidence and help in the enforcement of compulsory insurance.

“We want to collaborate with NYSC for the establishment of weekly CDS on insurance in the states. They will go round to sensitise the people and educate them on the benefits of insurance.

“People need to begin to talk about insurance in schools and other places the way they talk about banking. We want to instil trust in the minds of the people to build their confidence.”

On compulsory insurance, Abubakar listed some of them to include builders’ liability insurance, motor third party liability insurance and the group life insurance.

He noted that the commission is also partnering with the states’ fire service, revenue office and states’ Head of Service to help in the enforcement of insurance schemes.

Abubakar regretted that the insurance sector which had numerous opportunities was grossly untapped, saying that the potentials will help to improve insurance premium and contribute to the growth of the Gross Domestic Product (GDP) of the country.