The Commissioner for Insurance coverage, Nationwide Insurance coverage Fee(NAICOM), Sunday Thomas, has tasked insurers with the event of the retail market. He mentioned this throughout a courtesy go to to one of many stores of Mutual Advantages Assurance Plc, in Lagos.
The Commissioner, who was elated over the dedication to the retail enterprise by the underwriter, mentioned the agency has chosen the best path as retail stays the driving force of insurance coverage penetration.
He confused that many insurance coverage corporations, through the years, have centered on company companies, thereby paying little or no consideration to the retail phase.
“The long run is in retail enterprise and micro-insurance if we’re to achieve the mass of the Nigerian individuals with high quality, dependable and inexpensive insurance coverage options. The low-income phase has remained largely untapped and we’re prepared to provide it our greatest shot,” he mentioned.
The Managing Director of the agency, Femi Asenuga, appreciated the Commissioner for his management type, which he mentioned introduced relative sanity to the trade.
He famous that with the construction being put in place by the Commissioner, Mutual Advantages and different underwriters are higher positioned to thrive.