Expert Seeks Insurance Sector Growth

An insurance broker, Mr Angus Uzoamaka, yesterday in Port Harcourt said that growth in the insurance sector would impact positively on the management of the inflation rate.

Uzoamaka said that an expansive insurance industry would guarantee security of lives and property and in turn instigate wide-spread prosperity.

“When people take insurance policies and pay their premiums, they will begin to appreciate the value of our naira more.

“Paying premium on one’s properties or life has a way of regulating taste or acquisition of material things.

“Efficient insurance sector helps to control how a man owns cars or houses,’’ Uzoamaka said.

He said ignorance and lack of experience by brokers were to blame for the low level of insurance penetration in Nigeria.

The broker said that more education was needed to popularise insurance at the grassroots.

Uzoamaka also said that the economic hardship was discouraging people from patronising insurance companies.

He said that growth in any sector of the economy was dependent on accountability and stewardship of professionals.

Uzoamaka said that billions of naira had been lost because Nigerians neglected the importance of insurance in fighting corruption.

“We can reduce crime rate through what I call ‘insurance security‘, which entails insurance professionals acting as policemen that arrest fraudulent persons,“ he said.