The Commissioner for Insurance, Alhaji Mohammed Kari has stated that insurance operators in Nigeria have agreed to foot N300million estimated cost of a nine months rebranding of the market that is underway.
Kari stated this while briefing the staff of the National Insurance Commission, NAICOM, on the effort of the regulatory body as it concerns the insurance market low penetration and growth inefficiencies inhibiting the speedy progress of the market.
The commissioner, Kari who told the Commission’s staff that the Publicity sub-committee of the insurance industry had briefed NAICOM about their plans to rebrand the insurance market expressed appreciation of the market operators to foot the cost.
He said: “The issue of perception has been taken out by the market through the publicity sub-committee of the Insurers Committee. They came and briefed us on the proposal they are submitting to the main committee at the last meeting we had in Lagos, about a robust and rebranding plan which will cost about N300million in 9months.”
“They said the market has agreed to foot the bill. We were impressed by the presentation they made here and if they can do that, it is most likely that perception of the industry will change.”
He said he saw the need for operators to rebrand while the Commission tackles the issue of inefficiencies hampering progress in the market.