In line with the insurance re-branding project by National Insurance Commission (NAICOM), which kicked off on June 1, 2018 financial experts and residents in Port Harcourt have stressed the need for more awareness on the policy.
In an interview with The Tide in Port Harcourt, the Manager, Business Day in Port Harcourt, Ignatius Chukwu said that insurance is not thriving in Nigeria due to lack of awareness about what it offers.
Chukwu who said that most Nigerians are unaware of the benefits of intangible products, expressed worry over the priority of Nigerian citizens, adding: “Nigerians can buy expensive things for the children and take them out where they can spend huge amounts of money on their birthdays but cannot buy insurance policy for them”.
He blamed the low patronage on ignorance of the importance of the scheme, adding that lack of financial management and planning also contribute to low patronage, as Nigerians spend their money and plan later, instead of planning before spending.
In a related development a financial expert Jack Godstime, said insurance in Nigeria is not operated the same way it is operating in other countries of the world.
Godstime also said that the product has enjoyed low patronage due to lack of awareness by even the rich who can buy into it, adding that there is a big gap between the rich and the poor in the country.
“Average Nigerian men are thinking of how to feed their families and telling them to spend their small resources on insurance policy becomes very strange”, he said.
He however commended the rebranding project of NAICOM, adding that without seriousness on enlightenment, the rebranding will not see the light of day.
Also speaking, a businessman who pleaded anonymity said that insurance companies in Nigeria find it difficult to pay their customers when the need arises, adding that the cumbersome nature of their operation scare people from taking the policy.
He noted that the rebranding moves by NAICOM should not be treated with levity, adding that Nigerians use every avenue to make money instead of serving the public interest.
It would be recalled that Insurer’s Committee Chairman on Publicity, Oye Hassan Odukale, on Monday said NAICOM has commenced a N300 million rebranding project, aimed at changing the negative perception of the public towards insurance business.
Odukale noted that the objective of the rebranding is to increase the number of customer’s from 37 million to more than 150 million of the Nigerian Population.