Business
Expert Lists Insurance Penetration Hiccups
An insurance expert, Mr Paul Ibe, has said that the factors that hindered insurance penetration in the country are poverty and ignorance on the benefits of the scheme.
Ibe, the Head of Technical, Unity Kapital Insurance, told newsmen in Abuja recently that many Nigerians were ignorant of the benefits of taking up insurance policies.
According to him, the prevalent level of poverty in the country also makes people prioritise their needs, hence striking insurance first whenever there is shortage.
He said when there was prosperity and people had the basic necessities of life, they would consider buying insurance policies.
Ibe stated that insurance was very key and people needed to be educated on its importance both to an individual and to the country’s economic growth.
He said, “regulators and insurance operators needed to do more awareness on insurance education by letting people know through communications, through electronic and print media about insurance.