The National Insurance Commission (NAICOM) and insurance operators would on June 1 launch an insurance re-branding project to upgrade the industry’s performance. The Vice Chairman, Sub-committee on Publicity of the Insurers’ Committee, Mrs Ebelechukwu Nwachukwu, said at an interactive session with newsmen in Lagos, that the re-branding was to make insurance a household name.
She stressed that operators were particularly worried on low level of insurance awareness and penetration in the country, which is still less than one per cent.
“The sector’s contribution to the country’s Gross Domestic Product (GDP) is low when compared what obtained in other countries.” she said
Nwachukwu said that the industry had put in place all arrangements for the launch of the project which is expected to transform insurance industry landscape in the country.
She said: “NAICOM in partnership with other insurance operators had already set up seven cardinal goals that would be vigorously pursued under the re-branding project in order to up the industry’s performance.
“They would be driven via social media, print and electronics, adding that greater attention will be on the social media due to the youth population.
“NAICOM has contributed N40 million while many companies have made contributions also towards the initiative” she said.
The operators had earlier agreed to raise 50 per cent cost of the rebranding project from companies’ Gross Premium Income, and share the remaining 50 per cent evenly amongst themselves.
