6 May 2014

Nigeria: 'Future of Insurance Industry Is Retail Business'

The President, Association of Registered Insurance Agents of Nigeria (ARIAN), Gbadebo Olamerun, says the future of insurance industry in Nigeria is retail business, considering the fact that the country has a population of over 170 million people whereas the level of insurance penetration is still less than 1 per cent.

Speaking during the investiture of new executives of the association in Lagos, Olamerun said the insurance agents are determined to drive the market with the new initiative of microinsurance to reach the nooks and crannies of the country.

He said out of the 20,000 agents transacting insurance business all over Nigeria, only 3000 agents are registered with the National Insurance Commission (NAICOM) at present, assuring that the association will strive to ensure that all the 20,000 agents are registered with NAICOM by the end of 2015.

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