NAICOM, the Nigerian insurance regulator, has unveiled its roadmap for the period 2024-2033. The plan is mainly aimed at developing the insurance sector and improving the penetration rate, which currently stands at less than 2%.
The ten-year roadmap is based on 7 strategic priorities: strengthening the regulatory framework, adapting capital to risk, diversifying products, optimizing distribution channels, digitization, developing skills and supporting the country's economic transformation.
Thomas Sunday Olorundare, Chief Executive Officer of NAICOM, stated that the Nigerian insurance market [4] has recorded an average annual growth rate of 17.5%*, going from 282 billion NGN (1.5 billion USD) in 2014 to 726.2 billion NGN (1.6 billion USD) in 2022.
* Growth in local currency