NAICOM collaborates with NYSC to foster insurance awareness, penetration

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In a bid to deepen insurance penetration in the country, the National Insurance Commission (NAICOM) has revealed plans to collaborate with the National Youths Service Corps (NYSC) so as to promote insurance sensitisation and awareness.

The Head, Market Development of NAICOM, Adeyemi Abubakar, made this known at a seminar recently.

Abubakar said the strategy of the commission for penetration would be to set up weekly insurance Community Development Service (CDS) for corps members in the states.

According to him, corps members who belong to the insurance CDS group will go round to educate communities on the benefits of insurance.

Abubakar said the move would promote public understanding of insurance mechanism, build confidence and help in the enforcement of compulsory insurance.

He said: “We want to collaborate with NYSC for the establishment of weekly CDS on insurance in the states. They will go round to sensitise the people and educate them on the benefits of insurance.

“People need to begin to talk about insurance in schools and other places the way they talk about banking. We want to instill trust in the minds of the people to build their confidence.”

He also revealed that the commission is also partnering with the states’ fire service, revenue office and states’ Head of Service to help in the enforcement of insurance schemes.

Abubakar noted that the insurance sector has huge opportunities for growth however, it is grossly untapped. Hence, when the awareness level is high through these efforts, the industry will grow and contribute greatly to the Gross Domestic Product of the country.

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