Business
‘Insurance Penetration Below 1% In Nigeria’
The Chartered Insurance Institute of Nigeria (CIIN) says that insurance penetration in Nigeria is below one per cent.
The President of CIIN, Mrs Isioma Chukwuma, made this known yesterday at the ongoing “e-Insurance Conference 2017’’ being held in Lagos.
The theme of the conference is “Insurance Education: Ensuring Curriculum Compliance with Modern trends in Information and Communication Technology (ICT)’’.
Chukwuma said that there was the need for ICT to be inculcated in the insurance curriculum of higher institutions to increase the profitability of businesses in the long-run.
”ICT is an enabler in many field and as such, insurance will not be left out in taping into it to make sure that the industry makes its impact in the country,’’ she said.
She attributed the level of service delivery in the industry as one of the problems affecting insurance penetration in the country.
According to her, the present curriculum of insurance programmes in schools does not cover the current trend.
”ICT training being included in the insurance curriculum will give the students the leverage to learn the various applications that will aid them in future.
”It will also save the industry from training its members of staff because they have already acquired the skills from the institutions,” he said.
The Head of Department, Actuarial Science and Insurance, University of Lagos, Prof. Ade Ibiwoye, said that the universities were constrained as regards drawing up curriculum.
“In drawing up curriculum, instructions are gotten from the NYC on how it will be done and this does not help the growth of the profession.
”There should be focus on these areas; product development, marketing and claims administration for the industry to make its impact,’’ he said.
Prof. Ademola Omojola, University of Lagos said that there was no demographic data in the country that would help model insurance.
”There is need to take the vulnerability factors, climate change to know when the risk is becoming higher.’’
The Director- General of Nigeria Insurance Association (NIA), Mr Sunday Thomas, said that there was the need for government to enact good policies that would make insurance appeal to people.
Thomas was represented at the occasion by Bola Omole.
“Not only does government need to enact policies, it should ensure that it is enforced.
”ICT is an enabler that will enhance the insurance industry but there is need to go back to the basis to see that there is progress,’’ she said.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.