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By Bimbola Oyesola
The non-implementation of insurance policies in the country to drive Nigerians to believe in insurance has been identified as a major problem hindering the sector from contributing meaningfully to the nation’s gross domestic product (GDP).
President of the Association of Senior Staff of Banks, Insurance, and other Financial Institutions (ASSBIFI), Oyinkan Olasanoye, at a press briefing in Lagos recently, blamed the nonchalant attitude of Nigerians towards insurance for the sector’s poor position behind other financial sub-sectors of the economy.
According to her, there are so many policies in place that are not implemented and enforced: “For instance, we have a policy in Nigeria that there should be insurance coverage for all buildings under construction, motor vehicles and professionals but, unfortunately, Nigerians do not believe in insurance.
“You will see an insurance officer of a big institution that will ensure the vehicles of a company, but will not issue his own but based his insurance in God; and you know we are very religious in this country.”
The ASSBIFI president stated that, as long as the government does not enforce most of the insurance policies, it would be very tough for insurance companies to contribute more to the GDP of the country.
Oyinkan cited the example of South Africa, where there is an insurance policy in place that is well implemented.
“In South Africa, there are laws put in place that drive people to insure their properties, including their mobile phones.
“Until our orientation changes in Nigeria, it will keep on affecting the contribution of the sector to the GDP and we are able to put our house in order as regards monetary policy rate.”
Olasanoye, who is contesting for the president of the Trade Union Congress of Nigeria (TUC) however has promised to build cordial relationships between Nigerians and the labour centers in Nigeria if she eventually emerged as the next President.
Reacting to why Nigerians don’t trust labour centers on issues that border on workers and the government, she explained that feedback from labour centers to the public is low.
But this she promised to improve upon if voted for in the next TUC Congress which would make her the second female President that would drive the affair of the labour center.
She promised inclusiveness, work more on visibility and let the workers know the value of the labour centers.
Also, she promised to improve relationship with the Nigerian media “because it seems we are not relating well with the press on our efforts as labour centers for you to become policy marketers.”
According to her, There are many issues between Nigerians and labour centers that Nigerians felt labour are not performing up to the expectations.
She said, “One of the things Nigerians do not realize is that there are laws, norms, and terms that bind institutions under the law of their performance. Coming on board as TUC President with me and you, we will have a proper understanding of situations and we will be able to do more by working on Nigerians. What the two labour centers have done today is to encourage more of us to go into politics not as players, but as a determinant of our future in Nigeria.
“People thought the labour disappoint them during the increase in fuel price and do you know that till today, Federal Government finds it difficult to increase fuel prices because labour centers are still holding them down.
“The labour also needs to adopt the same strategy being used by the government by talking to the media on issues.”
