As part of efforts to deepen insurance penetration and strengthen its regulatory authority nationwide, the National Insurance Commission on Thursday inaugurated its Kwara State branch in Ilorin.

During the ceremony, the Kwara State Governor, Mr. Abdulfatah Ahmed, said the new office would increase insurance participation in the area.

He said, "We need to learn more about insurance in our society to improve our level of development. The new office was designed to enhance insurance penetration and generate greater awareness for its service nationwide.

"The level of insurance awareness shows the level of development in any modern economy."

The governor, who was represented by his deputy, Mr. Peter Kishira, said the occurrence of man-made and natural disasters in the country and across the world underscored the relevance of insurance services.

He said Nigerians should adopt insurance services to mitigate risks from natural and man-made disasters.

The governor also urged insurance companies to evolve innovative products that would help to increase participation and grow the sector

While commending NAICOM for its untiring efforts at entrenching insurance practice in Nigeria, Ahmed said the choice of Ilorin must have been as a result of its growing emergence as an economic hub in the North-Central region as well as its reputation for harmony.

The Commissioner for Insurance, Mr. Fola Daniel, said to achieve its mandate of deepening insurance penetration and awareness in the country, the governing board of the commission in 2011 approved the establishment of three additional zonal offices to be located in Ilorin, Port Harcourt and Maiduguri.

The locations, he said, were carefully selected owing to their strategic economic importance and relevance to the growth and development of insurance in the respective zones.

"We are inaugurating this office to serve the entire North-Central zone. The commission is making arrangements to inaugurate the South-South and North-East zonal offices," Daniel said.