NAICOM targets 3m agents to grow insurance sector

The National Insurance Commission (NAICOM) has said the insurance industry needs 3 million agents to effectively drive and deepen insurance penetration.

The Commissioner for Insurance Olusegun Omosehin, said this today when he paid a visit to the executives of Association of Registered Insurance Agents (ARIAN) in Lagos. He noted that Nigeria with a population of over 230 million cannot be effectively served by the present number of active insurance agents which are about 50,000.

Omosehin said NAICOM would work closely with ARIAN to shore-up the number of agents from 50,000 to 300,000 active member by the end of this year 2024 and subsequently move the number to 3 million.

He submitted that nations across the globe where insurance is thriving, agents act as catalyst, driving the growth and that similar steps need to be taking to grow insurance in Nigeria.

The National President ARIAN Olakunle Odewunmi, appreciated the Commissioner for recognizing the role of agents in the insurance value chain and used the meeting to inform him of the challenges faced by agents.

Odewunmi told the Commissioner to use his good office to address the issue of licensing of agents and weeding out fake agents, stating that ARIAN members would support every good steps taking by NAICOM to move the agency business forward.

Responding the Commissioner for Insurance promised to urgently address the challenges, pledging to ensure the issue of licensing is resolved on or before the end of next month.