As part of efforts to facilitate the development of microinsurance in Nigeria, the Nigerian Insurers Association (NIA) is to sign a partnership agreement with the International Labour Organisation (ILO).
Since the focus of the partnership is on consumer education, Daily Independent gathered that the NIA will be working closely with ILO’s Impact Insurance Facility.
It is believed that insurance associations have to expand beyond their traditional core functions to develop Insurance Consumer Education (ICE) programmes. This is taking into consideration the fact that the insurance associations, as the representatives of the industry, are well-positioned and ideally suited to invest in ICE. By investing in ICE, they not only promote consumer protection but they also contribute in improving the reputation of the industry.
The ILO’s Impact Insurance Facility is enabling the insurance sector, governments, and their partners to realise this potential by promoting impact insurance. Impact insurance reduces vulnerability, promotes stronger enterprises and facilitates better public policies.
The Facility continues to build on its past achievements, and remains at the forefront of learning and innovating for better products and strategies to achieve greater impact.