The National Insurance Commission (NAICOM) has promised to come up with an action plan for the promotion of micro-insurance that will reduce poverty and aid sustainable economic development in the country.
The Commissioner for Insurance, Mr Fola Daniel announced the plan at a stakeholders meeting on micro-finance in Abuja.
According to Mr Daniel, the commission is at the final stage of developing a reliable micro-insurance framework with clear rules for investment and innovative procedures to reach the poor.
He noted that NAICOM has been making concerted efforts to deepen the Nigerian insurance market.
He further revealed that NAICOM is at the final stage of developing a reliable micro-insurance framework with clear rules and procedures to reach the poor.
These small steps, he claimed are guaranteed to ensure that the insurance culture is deeply entrenched especially to benefit Nigerians at the grass root.
Through international collaborations, last year the commission conducted a nationwide study on the potentials of micro-insurance in Nigeria with a drive to develop micro-insurance specifically designed towards the protection of low-income earners in the country.
International partners at the meeting however lamented that the Nigerian insurance sector has a grossly untapped opportunity with low market penetration.
The chief technical advisor from the International Labour Organization (ILO), Mr Yoseph Aseffa called for more support from the government towards advancing the micro-insurance initiative in Nigeria.