As part of efforts to deepen financial inclusion through insurance, the National Insurance Commission (NAICOM) is to launch Nigerian Insurance Industry Development Plan (NIIDP).
The Commissioner for Insurance (CFI), in Nigeria, Alhaji Mohammed Kari, disclosed the plan on Monday at the opening ceremony of the 2018 National Insurance Conference in Abuja.
He said that the NIIDP would have financial inclusion as a major component which the country’s insurance industry would use to reduce the number of citizens that were financially excluded by developing friendly premium policies.
“Accessing financial services will help families increase investments and consumption, help in insuring against unfavorable events, thus reducing the poverty level during any occurrence,” he said.
Kari said the loophole discovered by Laggard had made Nigeria to launch the National Financial Inclusion Strategy (NFIS) to reduce the percentage of adults that were excluded from financial services from 46.3 per cent to 20 per cent by 2020.
“I use this medium to commend insurance committee and KPMG for the good job on the NIIDP.
“As we may be aware, financial inclusion is premised on the principles of equity like social cohesion and bridging the gap in income equality and inclusive economic growth and development.” Kari said.
Kari said that the NIIDP would have global objective which would have different dimensions with countries and institutions willing to develop models to suit their peculiar environment.