Minister of Finance, Mrs. Kemi Adeosun, has said that the Federal Government will address the low performance of the insurance sector.
She said this during the West African Insurance Companies’ Association educational conference in Lagos .
Adeosun said, “The commonly used index of measuring the development of insurance in an economy is market penetration, which is the ratio of total insurance premiums to the Gross Domestic Product. Sadly, this is less than one per cent in Nigeria.
“As a government, we are committed to identifying the challenges and taking steps to address the current poor performance of insurance in the country.”
The minister said there was a strong link between insurance market development and economic development.
For this reason, she inaugurated the Consolidated Insurance Bill Review Committee in February to make the bill conform to the ideals of contemporary insurance practice as well as facilitate public awareness and consumer protection.