NAICOM contributes N20m more to industry rebranding project

Matthew Otoijagha

The National Insurance Commission (NAICOM) today contributed additional N20 million to the insurance industry rebranding project, which brings its contributions to N40 million.

The insurance industry regulator had in February this year, contributed N20 million out of the N40 million pledged towards the rebranding project. Current contribution, according to an insider source is a boost to the much awaited insurance industry rebranding project, estimated to cost N300 million, which was planned to kick-off in the first quarter of this year.

Investigations also revealed that many underwriters have made their contributions as agreed last year.
The Director-General, Nigerian Insurers Association, Mrs. Yetunde Ilori, said that a good number of insurance companies have also remitted their contributions.

Efforts made to ascertain the number of contributors failed, as she said she cannot give the accurate number where she was, as at the time she was called. But she noted that many firms have complied while some are still being awaited to contribute.
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 them.
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.

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