Insurance Industry Attracts Huge Pension Funds- NAICOM Boss

Mr. Sunday Thomas, the Commissioner for Insurance, National Insurance Commission, (NAICOM) has said the insurance industry is attracting huge pension funds and contributing largely to the national economy.

A statement quoted the NAICOM Boss to have made this remark when he visited the Retail Plaza of Mutual Benefits Assurance Plc in Mushin, Lagos.

“Huge pension fund is emptying itself into the insurance industry as annuity,” he said.

Thomas said Mutual Benefits Assurance was helping to fullfil the Federal Governments’ desire to pull 100 million Nigerians out of poverty.

Thomas said, “Our subsector, as evidenced in Mutual Benefits, is leading the way in pulling several Nigerian university graduates from the unemployment market.

“NAICOM is partnering very well with the Lagos State Government, and we intend to take this very laudable initiative to the 36 states of the federation including the Federal Capital Territory. Insurance is audaciously taking its rightful place in the Nigerian economy.

“Without insurance, the Federal Capital Territory would not have come to be. Hilton and Sheraton Hotels were built with insurance money.”

He explained that the era when insurance contributed substantially to the setting up of foremost banks like First Bank and the defunct NAL and ICON Merchant Banks is here.

Speaking on Mutual Benefits’ retail business model, the commissioner said, “It is amazing seeing what we have here. Mutual Benefits is indeed a pride to insurance practice in Nigeria.”

He lauded Mutual Benefit’s initiative adding that the model was the sustaining power of a value-delivering insurance industry.

He also assured the retail marketers that they were in the right profession and that they were contributing to ongoing efforts to develop and grow the national economy.