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NAICOM to drive financial inclusion through micro-insurance

The National Insurance Commission on Monday unveiled plans to drive financial inclusion in the country through aggressive implementation of the micro-insurance policy.

The Commissioner for Insurance, Mohammed Kari, unveiled the plans in Abuja during the opening session of the National Insurance Conference.

The conference, with the theme, ‘Insurance industry and financial inclusion’, was attended by major stakeholders in the industry.

The National Financial Inclusion Strategy was launched on October 23, 2012, and the overall target is to reduce the percentage of adult Nigerians excluded from access to financial services from 46.3 per cent in 2010 to 20 per cent by 2020.

But three years to the 2020 target, Nigeria is currently battling 41.6 per cent exclusion rate as revealed by the Access to Financial Services Survey conducted by Enhancing Financing Innovation and Access.

But Kari said the theme of the conference clearly captured the retail end of the market, adding that this was the direction in which the insurance industry was headed.

As part of measures aimed at promoting financial inclusion, Kari stated that the commission would soon launch the Nigerian Insurance Industry Development Plan.

The plan, he noted, had financial inclusion as one of its major components.

Speaking more on the NIIDP, the NAICOM boss said work had already been concluded with inputs from KPMG, a consulting firm.

He said, “Work on the NIIDP has already been concluded with inputs from KPMG, a consulting firm, which will also independently monitor its implementation to ensure that each segment of the market keep to date with their assigned responsibilities.

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