Less than one per cent of
Nigeria’s population have insurance. To me this is very very disturbing. If
insurance is actually the bedrock of the advanced economies then Nigerian
insurance industry needs special diagnosis and special treatment. For our
economy to grow insurance culture must first grow.
Insurance helps to mobilize
funds for great projects and gives business life when they encounter life threatening
challenges.
When companies fail in Nigeria it is usually as a result of an
insurable disaster which could have been covered if adequate insurance had been
put in place.
The present structure of
the insurance industry cannot take us to the promise land. We are still playing
on the fringes of the real market. There is a huge market out there waiting to
be exploited. 90% Nigerians waiting for the real insurer to come forward.
Nobody is interested in them right now. Practitioners are busy concentrating on
urban areas and low hanging fruits when the real meat are in the bush
Access to microinsurance
is crucial in the industry’s transformation process. “Without good
microinsurance, Nigeria cannot experience any sustainable development” There is a need for immediate action..
“Nigeria is a hidden
microinsurance giant” concluded Dirk Reinhard, Vice Chairman of the Munich Re
Foundation. I believe it. We have all it takes to make it work. Have a good
day.
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