Similarly, the head, corporate communications and market development, NAICOM, Mr. Salami Rasaaq, in a paper entitled: ‘Market Development Drives of NAICOM: Initiatives and Prospects,’stated that, the entire insurance industry’s annual premium in 2020 was N520 billion, with penetration of less than one per cent, while insurance density is less than three per cent.
He equally disclosed that the total number of individuals with insurance policies in 2020 reached 1.03 million while that of corporate organisations totaled 891,128, bringing the total insurance policyholders in 2020 to 1.9 million. Explaining that the strategies would serve as a guideline to achieving the growth projection in the next two years, he pointed out that, through partnership with the government and stakeholders, the commission would improve awareness at all levels of business as well as promoting micro-insurance and Takaful insurance by enforcing compulsory insurances across the country.
The projection, he stressed, would be achieved through working with small and medium cohorts across geo-political zones; building trust among the insured leading to more referrals; building confidence in the sector by reducing incidences of fake insurance and implementing penalty for non payment of claims as well as working with digital companies with access to data and information for wider reach and impact.