Business
‘Nigerians Without Insurance Worries Us’
The President, Insurance Industry Consultative Council (IICC), Mrs Funmi Babington-Ashaye has said the high percentage of Nigerians that are still uninsured remains a major concern to the council.
Babington-Ashaye said this on Friday, in Lagos at a seminar organised for journalists by the council with the theme: “Role of Media in Deepening Insurance Penetration.”
The IICC was formed with the objectives of raising the profile of insurance Industry and increase its relevance to the nation’s economic growth.
Babington-Ashaye, who is also the President of the Chartered Insurance Institute of Nigeria (CIIN), said that over 90 per cent of Nigerians were living without insurance.
She said wrong perceptions, among others, had hindered Nigerians from taking insurance policies.
Babington-Ashaye said Nigerians could not revive collapsed businesses, buildings or repair their vehicles involved in accidents because they lacked insurance policies that could provide fund to mitigate the losses.
“My plea to Nigerians is that it is better to be five years early than to be five minutes late.
“I implore Nigerians to henceforth take insurance policies suitable to their lifestyles.” she said
She urged media practitioners to support the industry still in its infancy.
“The insurance industry today is in a precarious state due to the various unfolding dynamics and it is calling for change of operations and strategies by operators.
“The industry would be able to stave these besetting odds and maintain an acceptable image in the eyes of the public only if the media show understanding and appreciation of the times.
“It is only when the insurance industry exists and is thriving that insurance correspondents could also have a safe and comfortable nest,” she noted.
The Executive Secretary, Nigerian Council Insurance Brokers (NCRIB), Mr Fatai Adegbenro, urged Nigerians to believe in insurance.
He said insurance companies were regulated by National Insurance Commission (NAICOM) and the Market Development and Restructuring Initiative (MDRI) intiated by the Commission had enhanced prompt claims payment.
Adegbenro urged media practitioners to support the industry by clarifying any information they obtained before publishing.
An Editor with the Nation Newspaper, decried that only one per cent of 180 million Nigerians have insurance policy.
“This denotes that only 1.8 million Nigerians have insurance policy and 70 per cent of the insured are with Lagos State,” he said
He urged practitioners to extend insurance services to rural areas.
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