TRANSPARENT Protection Limited/Gte, a not-for-profit organisation, has unveiled plans to deepen insurance penetration in the country through innovative approach in insurance education and efficient service delivery to all stakeholders, particularly the un-insured in the grassroots.

To actualise the laudable dreams, the promoters of the first-ever NGO to register its presence in the nation’s insurance sector, have announced 18th June 2013 as date of the historic launching of the entity in Abuja.

Disclosing this in a pre-launch statement issued on the planned take-off of the organisation after a roundtable organised for the media and select civil society groups, the Programme Manager of TPL, Godson Ibekwe-Umelo, said that TPL was a rights - based not-for-profit organisation registered under the laws of the Federal Republic of Nigeria.

According to him, TPL was coming to steer revolution in insurance sector in Nigeria which to date has remained relatively underdeveloped despite huge potential.

Ibekwe-Umelo lamented the low contributions of the Insurance industry’s by the ratio to the Gross Domestic Product (GDP) which remained at less than one per cent while the industry is ranked 87th in the world in terms of penetration and said one of the main goals of the new organisation was reversing the ugly development.

“TPL is poised to help reverse this unfortunate trend by proactively mobilising citizens, especially at the grassroots to take up insurance protection. Also, TPL will facilitate a platform for guaranteeing settlement of all genuine claims,” he assured.

He disclosed further that with a huge population of between 150 and 160 million people, the insurance sector in Nigeria has potential to become the biggest insurance market in Africa and among the largest in the world.

In addition, he pointed out that TPL would hinge its operations which are intended to impact positively on insurance penetration drives on four thematic thrusts; namely, advocacy, education, mobilisation and transparency and governance.

The TPL chief stated that towards realising this goal, TPL has established a robust platform for mobilising the insuring public at the grassroots for mass patronage of insurance products and ensuring timely settlement of all genuine claims.

Transparent Protection Ltd/Gte (TPL) was established in 2012 to help address the challenges of insurance sector underdevelopment in the country and has the vision of becoming the foremost not-for-profit organisation that is driving insurance development in Africa.