NAICOM Unveils Initiative to Raise Insurance Penetration to 10% of GDP by 2031
• Insurers target 25 million Nigerians, 6,000 professionals, 250,000 MSMEs in 5-year ISSP blueprint • Omosehin demands stronger underwriting, governance, claims settlement •Leadway Assurance: programme will deepen penetration, confidence, trust
The National Insurance Commission (NAICOM) has introduced a five-year industry-wide initiative aimed at dramatically increasing insurance penetration in Nigeria from its current 0.5% of Gross Domestic Product (GDP) to 10% by 2031. The ambitious target is outlined in the Insurance Sector Strengthening Programme (ISSP), a collaborative effort launched by NAICOM in partnership with stakeholders in the insurance sector.
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