The Central Bank of Nigeria disclosed this in a report, titled ‘Insurance sector consolidated balance sheet’, in June 2020 statistical bulletin obtained by our correspondent on Sunday.
According to the National Insurance Commission, the total assets stood at N1.26tn as of the end of 2018 financial period.A report on ‘Insurance development in Nigeria; the financial inclusion option’ by Zubairu Darazo said the goal of achieving the target of 40 per cent adult population penetration would be pursued through a broad range of coordinated interventions.
He said they included “to provide enabling environment and framework for the excluded and low-income population to participate and benefit from insurances, through the development of legal and regulatory frameworks on Takaful and micro-insurance . “Liberalisation of insurance intermediaries: referral agencies and new insurance agents. Define and implement insurance literacy programmes.”“Incentivise insurance companies to develop micro-insurance products, Takaful insurance and index-based insurance products to serve low-income/rural individuals.”A number of stakeholder engagements, workshops and sensitisation programmes were lined up for the year 2021, he said.
According to him, the market development and enforcement of compulsory insurance drive embark by the commission was expected to improve the uptake of Takaful and micro-insurance as well.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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SARSMUSTEND
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God bless the hands you're using to type SARSMUSTEND
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