A nationwide campaign to rebrand Nigeria’s insurance industry, kicks off today June 1, 2018, as part of efforts to increase the low contribution of insurance sector to the Gross Domestic Product (GDP) that currently stands at 0.06 percent.
The Insurers Committee, an association of insurers and the regulatory body, National Insurance Commission ( NAICOM) is championing this campaign that is geared towards changing the negative perception of the public towards insurance as well as growing the number of insurance consumers from 37 million to over 150 million of Nigeria’s 180 million population.
Vice Chairman of the Publicity sub-committee of the Insurers Committee and Managing Director, NSIA Insurance Company Limited, Mrs. Ebelechukwu Nwachukwu, who stated this while addressing journalists in Lagos, said the industry having put all the necessary requirements in place, is set to launch the project, expected to transform insurance operations in the country.
Nwachukwu said the Committee had set out seven cardinal goals that would be vigorously pursued to take the industry to lofty heights and that the campaign would be driven via social media, print and electronics. She added that greater attention would be on the social media due to the youth population.
NAICOM has contributed N40 million while most companies have also made their contributions towards the initiative. Insurance operators had earlier agreed to raise 50 percent of the funds for the rebranding project from companies’ gross premium income while the balance of 50 percent is to be shared evenly from profits realized by insurers.