Operators in the Nigerian insurance sector have taken a firm decision to rebrand the industry to showcase its unique importance to Nigerians, especially the younger generation who constitute the largest segment of the population presently.

The rebranding initiative was one of the key decisions taken at the Insurers Committee Meeting yesterday in Lagos.

Mrs. Ebere Nwachukwu, Managing Director/CEO, Zenith Insurance, who briefed the media after the meeting, said the aim of the rebranding initiative is to emphasise the benefits of insurance and change the mindset of Nigerians on the general insurance industry.

Nwachukwu added thathe second aspect will involve pushing insurance companies operating in the country to up the ante on service delivery to their insured with the aim of having fewer complaints from such clients going forward.

Towards that goal, the Insurers Committee has already appointed a specialist to advise it on the key components of the rebranding strategy while discussions are on-going on the implementation timeline.

Meanwhile, there indications that the risk-based supervision model recently proposed by the National Insurance Commission [NAICOM} could be operation by 2017.

The committee stated that the risk-based roadmap would be presented formally to operators in the industry at the next meeting of the Insurers Committee in July before final vetting towards implementation next year.