By Taiye
The College of Insurance and Financial Management (CIFM) has lauded the Federal Executive Council’s (FEC) approval of the Group Life Assurance scheme for federal public servants, paramilitary and uniformed personnel.
The News Agency of Nigeria (NAN) reports that FEC on Monday approved Group Life Assurance Scheme for government workers, paramilitary and uniformed personnel.
It also appointed 17 nsurance underwriters for the group life ansurance cover for the year 2025/2026.
Dr Chizoba Ehiogu, Rector, CIFM, while speaking with the News Agency of Nigeria (NAN) in Lagos, said this marked a significant step toward enhancing workers’ welfare and financial security.
She said that the development would help in boosting insurance penetration in Nigeria, currently at 0.4 per cent.
She added that this move would also support the 10- year roadmap target of the National Insurance Commission’s (NAICOM), aiming to increase insurance penetration to 2.1 per cent by 2033.
She said, “The FEC’s endorsement of life insurance for public servants is a significant step toward enhancing their welfare and financial security while also promoting insurance penetration in Nigeria.
“This move can provide valuable protection to public servants and their families, ensuring they receive financial support in times of need.
“By expanding insurance coverage, Nigeria can improve its insurance penetration rates, ultimately contributing to the country’s economic development.”
The Rector noted that the policy’s implementation might encounter challenges due to the insuring public’s limited knowledge and cultural beliefs.
She emphasised that overcoming this challenge would require stronger collaboration, effective enforcement, and strict compliance.
She added that expertise in insurance and technology, coupled with sustained awareness campaigns to educate consumers, would be essential to drive growth.
“The success of the Group Life Insurance scheme relies on timely premium remittance and coverage implementation.
“By providing this scheme, government is fostering trust and creating opportunities for growth in the insurance industry.
“So, effective management of the 17 appointed insurance underwriters is crucial for seamless policy implementation and claims processing,” she said.
