The National Insurance Commission (NAICOM) is planning to set up new branches in 12 states, this is in a bid to bring insurance cover to everybody across the federation and also help reduce unemployment rate in the country by creating additional job through the creation of the new branches.
The Commissioner for Insurance Mohammed Kari made this known when he revealed the commission’s intention to create new branches in 12 states. He said this would bring more state governments and the populaces into the insurance web.
The commission presently operates four zonal offices and a control office in Lagos.
Kari noted that the insurance sector is indeed a key component of the Nigerian financial system considering that in most developed jurisdictions, the insurance sector accounts for a significant portion of the economy. He posited that as an emerging and transitional economy and in line with the change agenda of the federal government, the relevance of the insurance industry becomes more critical as a provider of capital, employment and security.
He maintained that as the country’s economy continues to develop, and with the attendant risks involved in economic expansion and growth, it is indeed imperative to consider the role of insurance as an important determinant to progress and development.