NAICOM commences human development in universities to improve insurance education, penetration

To strengthen insurance education and facilitate penetration in schools, the National Insurance Commission (NAICOM) has begun capacity development at universities across the country’s six geopolitical zones.

Mr. Sunday Thomas, the Commissioner for Insurance, stated this in Abuja on Thursday during the signing of a Memorandum of Understanding (MoU) with the University of Uyo.

The decision, according to the commissioner, was made in order to educate more people about insurance and its policies.

Thomas stated that the Commission had visited various universities and polytechnics in the North-East, North-West, North-Central, South East, South-West, and South-South to provide financial assistance to the school insurance departments.

He stated that the Commission was currently aiding and training personnel in the insurance departments of six institutions across the zones.

According to him, the assistance is applied to support tertiary institutions with the development of administrative and vocational offices, as well as the sponsorship of insurance department accreditation.

Others include the establishment of Information and Communication Technology (ICT) Centres, Master’s and Doctoral degree scholarships, the provision of insurance-backed text books and journals, and the support of professorial endowment.

According to Thomas, institutions offering insurance and actuarial science at degree or National Diploma levels, owned by federal and state governments and have existing infrastructure, staff and department with insurance education were considered.

In his words, “The value is the linkage that is created in human capital development which cannot be quantified.

“This is a knowledge based sector, we realised that as the days go by, vulnerability increases and in which case, we need to develop products that will meet the needs of the populace and we need creative ideas.

“We need those who are cerebral to be able to reach out there and package products and of course the starting point is to get the knowledge.”

Prof. Nyaudoh Ndaeyo, Vice-Chancellor of the University of Uyo, had earlier praised NAICOM for the generous gesture, adding it would help the university’s insurance programme.

(NAN)