The LCCI has charged insurance operators to rethink, re engineer and remodel the way they market insurance products to the public for the growth of the economy.
This was made by the chairman of the Insurance Trade Group of the chamber, Gbenga Olanbiwoninu at the Insurance stakeholders’ consultative forum Organised by the chamber recently, themed: “Rethinking Insurance as a critical economic growth strategy.”
Olanbiwoninu noted that the group has continued to generate the requisite interest of the critical stakeholders who make up the Chamber on the critical place which insurance occupies as pivot of business and general economic growth.
He noted that as a “sold” rather than “bought” services, operators need to make insurance products adaptable to the first line needs of Nigerians especially in the light of window of opportunities inherent in the retail space of the industry classified as blue ocean.
On the part of government , he said It is not out of place for the new government to rethink the disposition of government to insurance, alongside other strategies being mapped out for growth of the economy.
” In doing this, government should apart from providing or accelerating its support for enabling laws to promote insurance growth also insure its assets, bearing in mind that it is the largest spender and potential clients of the insurance industry. Please permit me this time to specifically mention the good deeds of our host state, Lagos State Government in this regards.”
He said currently, the gross premium of the Nigerian Insurance industry is about N726B as at end quarter 4, 2022 and Insurance penetration level abysmally low at less than 1 percent.
“This clearly defined the imperativeness of Insurance Marketing renaissance and revolution.
It is noteworthy to mention also at this junction, that the Nigerian Insurance Industry paid a total claim of N129.93 billion in the year 2022, as against N109.63 billion in 2021, translating into 18.3% growth.”
To the public, he said there was need for them to rethink insurance.
“There could never have been a better time to embrace insurance than at a period of economic recession, when recovery capabilities of people are quite low.
“With insurance in place, you can always safeguard whatever you have worked hard to possess against avoidable loss or destruction. The implication of all these is that everyone must rethink insurance because of the enormous benefits it brings.”