CIIN Blames Insurance Woes On Low Per Capita

President, Chartered Insurance Institute of Nigeria (CIIN), Dr Wole Adetimehin, has said that the low per capita income of Nigerians was responsible for their dismal response to insurance products.

He said that the poor response was also attributable to inadequate knowledge about insurance.

Adetimehin said in Lagos that the per capita income of the average Nigerian was too low to carter for their basic necessities of life, as such had no savings to insure.

According to him, the current unemployment and under-employment also contributed to the absence of a national insurance culture.

“How would you expect an unemployed man to be interested in any insurance policy considering his financial predicaments,” he said.

Adetimehin also identified insecurity and lack of trust in the nation’s insurance operation framework as another constraint, stressing that most Nigerians still find it difficult to trust insurance companies.

According to him, most Nigerians are not yet convinced about the insurance companies ability to provide total insurance cover in the event of an accident.

“Though insurance is relatively new to most Nigerians, but due to the high rate of insecurity and corruption in the country, most Nigerians express fears about being compensated,” he said.

Adetimehin said that the situation has made it imperative for government intervention to overhaul the insurance sub-sector and make it people driven.

He said that the insurance sub-sector should be overhauled to create employment and add value to the economy.

“We should all join hands with the government to build infrastructures and provide the enabling environment for improved standard of living,” he said.