What are the compulsory insurance policies in Nigeria?
Aug 05, 2022 6:54 pm
The contribution of the insurance industry to Nigeria's GDP is low. But there are some compulsory insurance policies that can help improve the earnings of the insurance industry. They include employee group life insurance, third-party motor insurance, construction risk, public buildings and workmen compensation. Despite the effort of the National Insurance Commission (NAICOM), many have yet to embrace these policies.
What could be responsible for the low patronage of these policies and the ineffective implementation?