The insurance industry has been unable to deepen penetration due to low awareness of operators’ products by the people.
The National Insurance Commission (NAICOM) has blamed insurance firms for the development, urging them to advertise their products to create awareness and deepen penetration.
The commission has also directed the firms to increase their budget on marketing and advertisement to educate and improve awareness on the benefits of insurance.
The Commissioner for Insurance, Sunday Thomas, represented by Head, Corporate Communication and Market Development, NAICOM, Rasaaq Salami, spoke at the unveiling of Anchor Insurance Limited’s logo and television commercial in Lagos.
He said the company’s TV commercial is in line with the commission’s agenda to create awareness and boost uptake of insurance by the public.
While encouraging the company to do more advertisement, he stated that the commission was proud of Anchor because it is also doing well as an underwriter.Anchor Insurance Managing Director, Augustine Ebose, stated that there was the need to come up with a better logo identity that speaks into the brand’s journey to the future.