The College of Insurance and Financial Management (CIFM) has commended the Federal Executive Council (FEC) for approving the Group Life Assurance Scheme for federal civil servants, paramilitary personnel, and other uniformed officers.
The FEC granted the approval on Monday, alongside the appointment of 17 insurance underwriters to manage the cover for the 2025/2026 period.
Speaking in Lagos, CIFM Rector Dr. Chizoba Ehiogu described the decision as a major step towards strengthening workers’ welfare and financial protection within the public sector.
“This development marks a significant stride in enhancing public servants’ welfare while advancing insurance penetration in Nigeria,” she said.
Dr Ehiogu noted that insurance penetration in the country currently stands at just 0.4 per cent. She emphasised that the scheme aligns with the National Insurance Commission’s (NAICOM) 10-year strategic roadmap, which targets an increase to 2.1 per cent by 2033.
She explained that the provision of life assurance for government employees not only offers financial protection for workers and their families but also fosters greater public confidence in the insurance industry.
However, she acknowledged potential hurdles in implementation, including low awareness and cultural resistance to insurance among the population.
“Overcoming these challenges will require strong collaboration, effective enforcement of compliance, and sustained public education,” she said.
Dr Ehiogu further stressed the importance of insurance expertise, technological integration, and seamless coordination among the underwriters to ensure smooth implementation and prompt claims settlement.
“Timely remittance of premiums and efficient scheme management are critical. With this initiative, the government is building trust and creating growth opportunities for the insurance sector,” she added.
She concluded that, if properly executed, the Group Life Assurance Scheme could serve as a model for expanding insurance coverage and supporting Nigeria’s broader economic development goals.
