99% of Nigerians are without insurance
The Chairman, Nigerian Insurers Association, (NIA), Mr. Temitope Smart, has decried the apathy towards insurance by Nigerians, adding that only one percent of Nigerians have any kind of insurance policy.
He noted that the country ranks poorly when compared with some other African countries such as Kenya and South Africa with penetration levels of 2.9% and 14% respectively.
Speaking during the association’s investiture ceremony organized in his honor as the 23rd chairman of the association at the Oriental Hotel, Victoria Island, Lagos, Smith said he was committed to reposition the acceptance of insurance in the industry in a bid to inspire growth.
He, however, said that despite the lingering apathy for insurance by Nigerians, the sector’s Gross Premium Income rose to N316 billion in 2016 as against N252 billion which was recorded in 2012, adding that in 2016 , total claims paid by operators amounted to N113 billion, as against N73 billion in 2012; showing an increase of 55%.
In his words: “You will agree with me that we are not where we are supposed to be. Our image has been battered and more often than not, we have been made to play a second fiddle to some other professions. I say enough is enough, to this treatment. It is in the light of the above that I have adopted a theme – NIA First, Insurance First”
To make the change possible, Smith has unveiled a 5 –point agenda, designed to reposition the industry and drive growth. The 5-point agenda includes protection of the interest of members companies, proper positioning of the insurance industry, improving the standard of professionalism, construction of a befitting edifice for NIA and to deepen insurance penetration in the country.
While outlining some of the benefits that insurance contributes to the economy to include: boost economy activities, promote entrepreneurial attitude, encourages creativity and innovation and so on, Smart added that lack of knowledge about insurance is one of the major reasons for the nonchalant attitude by Nigerians to embrace insurance.
While congratulating the new chairman of NIA, the Governor of Ondo State, Arakunrin Rotimi Akeredolu, expressed confident that Mr. Smart would transform the industry during his tenure in office. Akeredolu was represented by the Deputy Governor, Ondo State, Mr. Agboola Ajayi.
He said: “I want to congratulate Mr. Smart as the new chairman of NIA. Smart is a professional to the core and I believe that he is going to introduce a lot of reforms to transform the insurance industry in Nigeria”
“He can always build confidence in customers which is the cardinal focus of all companies in Nigeria and across the world.”
The high point of the investiture was the decoration of the NIA Chairman, Mr. Tope Smart by the immediate past chairman, NIA, Mr. Eddie Efekoha and Mr. Godwin Wiggle, who was also a past chairman of the association.
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