News: Insurance Sector To Create 300,000 Jobs in 3 years

The nation's Insurance industry is targeting creating 300,000 new jobs in the next three years in line with government's new mandate to make the sector a major contributor to the country's economy.

Consequently, the industry through the insurance regulator, the National Insurance Commission (NAICOM), will before the end of this quarter roll our new guidelines that would expand insurance services distribution beyond brokers and agents as intermediaries to increase consumer access.

Fola Daniel, commissioner for insurance, made the disclosure at the 7th edition of the annual retreat for insurance correspondents taking place in Benin, Edo State.

Daniel, who spoke on the theme ‘Transforming the Nigerian Insurance Sector:The Three Years Agenda said this is a fall out of the new mandate of the insurance sector transformation project being promoted by the office of the coordinating minister for the economy, which hinges on enforcement of public insurance, delivering more skills, building consumer trust and confidence and increasing access to insurance.

On how the new mandate would be achieved, Daniel hinted that the commission is working on the possibility of creating more intermediary outlets for sale of insurance products nationwide. Some of the areas being looked at beyond the creation of vibrant brokerage and agency system to penetrate the grassroots include licensing individual agents within the communities.

"We are looking at community insurance intermediaries to drive insurance penetration"

Daniel said, regretting the abolition of the bancassurance policy by the Central Bank of Nigeria (CBN) which, according to him, was a veritable channel of reaching out to the uninsured populace using bank network of branches.

He, however, hinted that the commission was working together with the CBN to come up with a more appropriate guideline that would enable banks offer platform for insurance product distribution.

Daniel expressed optimism that the talk which is on-going would yield the desired result and a policy guideline, as the apex bank appreciates a framework that would help drive financial inclusion in the country.

Source: Businessday