NAICOM Unveils Initiative to Raise Insurance Penetration to 10% of GDP by 2031

The National Insurance Commission (NAICOM) has launched the Insurance Sector Strengthening Programme (ISSP), a five-year initiative aimed at increasing insurance penetration in Nigeria from 0.5 percent to 10 percent of Gross Domestic Product (GDP) by 2031. The programme targets 25 million Nigerians, 6,000 professionals, and 250,000 small and medium-sized enterprises. NAICOM's Commissioner for Insurance, Olusegun Omosehin, emphasized the need for stronger underwriting, governance, and claims settlement. Leadway Assurance stated that the programme will deepen penetration, confidence, and trust in the insurance sector.

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