Expert Seeks More Micro Insurance Products

A financial expert, Dr Biodun Adedipe, last Thursday urged insurance practitioners to develop more micro insurance products to increase activities in the industry.

Adedipe told newsmen in Lagos that the local insurance industry should emphasise inclusive growth by reaching out to the grassroots.

He said that financial inclusion would be achieved by focusing more on new micro insurance products.

According to him, the enforcement of the “No premium, no cover” policy of the National Insurance Commission NAICOM would help to improve ethical standards in the insurance sector.

Adedipe, the Chief Consultant in Biodun Adedipe & Associates, said that enforcement of the policy would sanitise the industry and give insurance marketers more room to operate.

According to him, payment of claims will be less cumbersome under NAICOM’s new policy of “No premium, no cover”.

“Non payment for a loss suffered under a policy will now be a thing of the past, “ he said.

He said that insurance agents were not exploring the business potential in the grassroots for their financial gains.

Adedipe enjoined insurance practitioners to be up to date with the market dynamics and follow macroeconomic growth patterns as well as be attentive to public policy statements concerning the industry.