Facilitated by the World Bank and the German Agency for Technical Cooperation (GTZ), the First Stakeholder Workshop on Microinsurance in Nigeria was held in Abuja on December 8, 2010. The National Insurance Commission (NAICOM) and the Nigerian Insurance Association (NIA) invited key stakeholders to a one day workshop discussing the current situation and future for Microinsurance in Nigeria.
Since 2007, the World Bank, at the request of NAICOM (and in the context of the Financial Sector Strategy 2020), has been involved in various stages of moving the microinsurance agenda in Nigeria forward. In addition to facilitating this workshop, the World Bank’s involvement has included: sponsorship of a scoping mission; organizing a knowledge exchange visit to the Indian Insurance Regulatory and Development Authority (IRDA) to study the country’s model and takeaway key lessons; providing support to attend meetings of the International Association of Insurance Supervisors (IAIS) meetings on microinsurance; and completing a study analyzing the demand and supply of microinsurance in two major Nigerian cities.
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