Industry operators need N300m on market rebranding

Before market rebranding can be achieved in the Insurance industry, about N300 million-estimated cost will be met.

This was the submission of the Commissioner for Insurance, Alhaji Mohammed Kari, while briefing the staff of the National Insurance Commission (NAICOM), on the efforts of the regulatory body as it concerns insurance penetration, and growth, and inefficiencies inhibiting speedy progress.

The commissioner, who told the Commission’s staff that the publicity sub-committee of the insurance industry had briefed NAICOM about their plans to rebrand the sector, expressed appreciation for market operators in carrying the cost.

He said: “The issue of perception has been taken out by the market through the publicity sub-committee of the Insurers Committee. They came and briefed us on the proposal they are submitting to the main committee at the last meeting we had in Lagos, about a robust and rebranding plan which will cost about N300million in nine months.”

“They said the market has agreed to foot the bill. We were impressed by the presentation they made here and if they can do that, it is most likely that perception of the industry will change.”

He however, saw the need for operators to rebrand while the Commission tackles the issue of inefficiencies hampering progress in the market.

He strongly affirmed that the MDRI will not only develop the market but will restructure it while he identified the main thrust of the MDRI through the enforcement of compulsory insurances.

“We have been strategizing through the sub-committees, departmental committees and we are still in the interactive level because without publicising it. And we have started contacting stakeholders that will help us in the enforcement and the date has been fixed for the official launching, we will then as an industry come out and do a massive re-launching of the initiative.

“We believe that if we can improve on the inefficiency of the market and develop the market some more, the market penetration will be the base and the levies we charge will increase in quantum, he said.