Business
Expert Tasks Nigerians On Insurance Policies
Nigerians have been advised to purchase insurance policies as is the practice in civilized climes of the world.
Speaking to The Tide in Port Harcourt recently a renowned insurance expert, Prof. Joseph Irukwu, said only between 10 to 15 percent of adults in Nigeria are insured whereas in Europe and the Americas between 90 and 95 per cent of their citizens are insured.
Irukwu said that there is a lot to be done by all the stakeholders in the insurance industry in Nigeria especially the Nigerian Council of Registered Insurance Brokers (NERIB) and the Nigerian Insurance Association (NIA) to improve on the marketing of insurance policies in order to remedy the trend.
He said that there is still a large space left for investors to invest in the insurance sector to ensure that there is increase in the volume insurance business.
The insurance guru said that with such increase investment in the insurance industry there would be more funds and opportunities of anyone who decides to invest in insurance.
He said the role of the insurance industry cannot be overemphasised in the nation’s economy, pointing out that the insurance industry has played a key role to sustain the nation’s economy.
Irukwu urged the generality of Nigerians to always ensure they patronize the services offered by the insurance policies against unforeseen risks in their lives and businesses.
Meanwhile, the Nigeria Insurers Association (NAI) has urged the Federal government to protect the huge investment made on the nation’s transportation, power, Ports terminals and energy subsectors.
The Director General of the Association, Mr. Sunday Thomas stated this in Akwa Ibom State at the 25th Anniversary celebration of Anchor Insurance on Friday.
Thomas said billions of dollars are spent every year for improving transportation, power, ports and terminals and energy capabilities by the government, yet the insurance sector has been left with no significant roles in insuring such investments.
He said that the Nigerian Insurance Industry has a key role to play in contributing to the nation’s economic growth as a risk transfer and management mechanism.
Thomas said that the sector is a growth driver for other sectors of the economy and a huge potential for direct and indirect labour employment.
The DG said the insurance sector is a provider of long term capital investment needed for infrastructure projects to promote competitive, healthy and robust national economy.
Philip Okparaji

Former PHCCIMA President and FOSSCCIMA President, Prince Billy Gillis Harry, representing NACCIMA President, Alhaji Mohammed Baduru, (middle) cutting a tape for official opening of 2014 Trade Fair recently at Isaac Boro Park Port Harcourt. With him are President PHCCIMA, Engr. Emeka Unachukwu (right), former president PHCCIMA, Dr. Vincent Furo 2nd (left) and Chief Nabil Saleh (left). Photo: Egberi A. Sampson