NAICOM set to issue draft guidelines on new distribution channels for insurance
As part of ongoing efforts to deepen insurance penetration in Nigeria, the National Insurance Commission (NAICOM) is set to issue draft guidelines for new channels of insurance distribution in the country.
Insurance penetration to GDP in Nigeria is currently at less than 0.4 percent, according to 2014 figures, putting Nigeria 10th in Africa behind South Africa, Mauritius, Namibia, Morocco, Tunisia, Angola, Algeria, Kenya and Egypt. South Africa is highest with 14 percent and followed by Namibia 7.2 percent.
To achieve this, the Commission has created new distribution agencies to be known as “Referral Partners/Agents”.
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