The Insurers Committee, an association of insurers and the regulatory body and the industry’s regulator, National Insurance Commission (NAICOM), have commenced a re-branding campaign targeted at increasing insurance consumers from 37 million to over 150 million.
The campaign seeks to change the negative perception of the industry to a positive one whereby millions of Nigerians and corporate entities would appreciate the invaluable benefits of providing cover for their assets on a sustainable basis.
Giving the hint on the campaign which commences today during a media chat, the Vice Chairman of the Publicity sub-committee of the Insurers Committee, Mrs. Ebelechukwu Nwachukwu, said the nationwide campaign to rebrand the insurance industry had seven cardinal goals that would be pursued to reposition the industry on the path of sustainable growth in the years ahead.
Nwachukwu, who is also Managing Director, NSIA Insurance Company Limited, noted that due to the low contribution of the insurance sector to the nation’s Gross Domestic Product, GDP, which currently stands at 0.06 percent and the poor perception of the general public towards insurance were no longer acceptable, hence the plan to launch the campaign.
According to her, the initiative will be driven via social media, print and electronics but greater attention will be on the social media due to the youth population.
To ensure the success of the re-branding project through awareness creation and confidence building in the industry, NAICOM had contributed N40 million while most companies had contributed to support the initiative.
Specifically, the industry operators had agreed to raise 50 percent of the funds for the rebranding project from their entities’ gross premium income while the balance of 50 percent would be shared equally from profits realized by them.
