The National Insurance Commission (NAICOM) has added N20 million to the much awaited insurance industry rebranding project, estimated to cost N300 million, and with kickoff planned for this quarter.
It was gathered that the commission will also before the end of this quarter, pay the balance N20 million to makeup N40 million it had pledged to contribute.
Investigations also revealed that many underwriters have made their contributions as agreed to last year.
Insurance operators had agreed to raise 50 per cent of the funds for the rebranding project from companies gross premium income, and the balance 50 per cent, shared evenly amongst themselves.
The initiative, according to the committee, will be driven via social media, print and electronics, adding that greater attention will be on the social media due to the youth population.
The Director-General, Nigerian Insurers Association (NIA) Mrs. Yetunde Ilori, said the rebranding project would not be product based, but a general awareness campaign on benefits of insurance.
She noted that the campaign is geared towards encouraging Nigerians to rely on insurance even as they make adventures. She said the industry hopes to use the campaign to encourage Nigerians to pursue their visions vigorously with the assurance that insurers are always ready to support their dreams.