Only handful of insurance firms known to nigerian public
Only 15 insurance companies out of 50 firms operating in Nigeria are known to the public, according to a study conducted by German agency for sustainable development, GIZ and Riskguard Africa Limited, reports allAfrica.com. The survey shows that the few insurers known to Nigerians are Aiico Insurance, PLC, Niger Insurance, Industrial and General Insurance (IGI), Leadway Assurance, NICON, LASACO, Oasis, Mutual Benefits, Royal Exchange and Crusader. Other companies identified as underwriting firms include Savana Insurance, Gateway Insurance, Quality Insurance, Liberty Insurance, CBN Agric Insurance Limited and Access Insurance.
Concerned by this development, commissioner of insurance Fola Daniel says the national insurance commission in Nigeria developed a draft guideline for the entrenchment and development of insurance at grassroots. He says the guideline on microinsurance is being exposed to the industry, experts and other stakeholders before a final draft will be released to the market. He adds that the commission intends on collaborating with other relevant regulatory agencies in implementing the plan.