Insurance Policies Yet To Reach One Million Mark In Nigeria

Insurance Policies Yet To Reach One Million Mark In Nigeria
TEN years to Nigeria’s centennial anniversary, the insurance industry has not been able to issue up to one million individual policies – in its motor, life or householders’ policies, the Group Managing Director Akin Ogunbiyi, Mutual Benefits Insurance, has said.
His firm, he said, issued only 250,00 Insurance policies in three years.
He assured of its firm’s preparedness to contribute to the development of the nation and the industry.
He said the new goal of the company is to boost the economy, adding that the firm has through its micro finance bank reached-out to the uninsured at the grassroots.
He said: “Mutual Micro Finance Bank today is into micro insurance and we have devised products and services that the common Nigerian people can actually buy. We have products for as low as N50.
“Our products are affordable and they meet the needs of the people; that was why when we approached the National Insurance Commission (NAICOM), we made a presentation to them as to the objective we want to achieve using micro finance banks to drive micro insurance. As God will have it, they gave us the approval to invest in the bank.”-The Nation

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