The National Insurance Commission (NAICOM) said that Micro insurance would improve the living standard of many Nigerians.
The Commissioner for Insurance and Chief Executive Officer (CEO) of NAICOM, Alhaji Mohammed Kari, said this on Saturday in Benin, at a seminar organised for journalists.
The theme of the seminar is “Expanding the Frontiers for Insurance Market Development and Penetration in Nigeria.”
Kari, represented by the Deputy CFI, Mr Sunday Thomas, said as part of NAICOM`s determination to improve financial inclusion, particularly the underserved and excluded segment, it had reviewed and released the Micro-insurance Guidelines of 2013.
He said that the guidelines became effective from January 1.
Kari urged Nigerians living without any form of insurance policy due to lack of funds to buy micro insurance policies to back up their existence.
The commissioner said that the commission had over 500 applications from companies seeking licences to become full-fledged micro insurance operators.
He also urged Nigerians to take advantage of micro insurance to improve their lifestyles.
The commissioner, however, said that there were 18 micro insurance windows through which micro insurance policies could be purchased till June 2019.
“This has given the insurance companies that are micro insurance window operators, 17 months to become full-fledged operators by obtaining the licence.
“By June 2019, the windows would no longer exist and only operators that obtained lincences to become full-fledged micro insurance operators would be able to sell the policies,” he said.
He said that the commission would soon commence the second phase of the Market Development and Restructuring Initiative (MDRI) aimed at deepening the market penetration.
Kari urged the media to play its role to educate the public about insurance and its benefits, adding that the media was a partner in that regard. (NAN)