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National Insurance Commission (NAICOM)

CHRIS EBONG, Asst. Business Editor

Micro-insurance has been identified as key to Nigeria’s insurance sector growth given the country’s large population of about 170 million people.  According to experts, between 60 and 80million insurance potential customers are within the emerging middle class and by extension, fall within the micro insurance space.

THE National Insurance Commission (NAICOM) says the insurance industry reform programmes such as International Financial Reporting Standards (IFRS), Code of Corporate Governance (CCG) and the Risk-Based Supervision(RBS) carried out by it are all globally induced and Nigeria’s insurance industry cannot afford to operate in isolation in the global financial sector.

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