CIIN Releases Uninsured Nigerian Statistics

The President of Char
tered Insurance Institute of Nigeria (CIIN), Mr. Bola Temowo, has said that about  86.6 million Nigerians have no insurance cover.
Temowo made this known  in a press statement issued at the  end of the institute’s  annual seminar in Benin, Edo  State last week.
The President revealed that the statistics was the outcome of a recent research done in the country.
According to the research, “86.6 million Nigerians have no form of insurance while 1.3 million adults, representing  1.5 per cent of the entire Nigerian adult population,  maintain some category of formal insurance cover”.
He also said that the Federal Government has planned a fast growing insurance industry that will contribute substantially to making the nation’s economy one of the 20 largest markets in the world by the year 2020.
The president noted that there is the  need to improve the industry and develop an action plan for actualizing  the financial inclusion strategy in the delivery of insurance products and services to the critical masses, including the low income earners.
Temowo said that CIIN would focus  on the maximization of existing and emerging channels of  distribution to deepen insurance penetration.
CIIN, he said has reinforced the inclusion of insurance as a course of  study in secondary schools by the federal government in order to increase the level of awareness and enlightenment.
He said that insurance awareness has become a collective concern of the insurance industry, adding that the council  of the CIIN institute has also  adopted measures geared towards involving  all stakeholders in the campaign.