The Commissioner for Insurance, National Insurance Commission(NAICOM), Sunday Thomas, has tasked insurers with the development of the retail market. He said this during a courtesy visit to one of the retail outlets of Mutual Benefits Assurance Plc, in Lagos.
The Commissioner, who was elated over the commitment to the retail business by the underwriter, said the firm has chosen the right path as retail remains the driver of insurance penetration.
He stressed that many insurance companies, over the years, have focused on corporate businesses, thereby paying little or no attention to the retail segment.
“The future is in retail business and micro-insurance if we are to reach the mass of the Nigerian people with quality, reliable and affordable insurance solutions. The low-income segment has remained largely untapped and we are ready to give it our best shot,” he said.
The Managing Director of the firm, Femi Asenuga, appreciated the Commissioner for his leadership style, which he said brought relative sanity to the industry.
He noted that with the structure being put in place by the Commissioner, Mutual Benefits and other underwriters are better positioned to thrive.