‘Fear of high risks hin­ders in­vest­ment in mi­cro in­sur­ance’

Daily Trust - - NEWS -

The Di­rec­tor-Gen­eral, Char­tered In­sur­ance In­sti­tute of Nigeria (CIIN), Mr Kola Ahmed, Wed­nes­day, iden­ti­fied fear of risks among oper­a­tors as a ma­jor fac­tor af­fect­ing low in­vest­ment in mi­cro in­sur­ance.

Ahmed told the News Agency of Nigeria (NAN) in La­gos that such a fear was hu­man as one would not know what to ex­pect from a new ven­ture. He said busi­ness­men were nat­u­rally afraid of in­cur­ring ex­penses that they might not be able to re­coup.

``It has taken time be­cause of the fear of the un­known by the oper­a­tors.

``The fear has to do with the in-built fear of hu­mans that go into new ar­eas; it is al­ways a chal­lenge be­cause they do not know what they are go­ing to meet there. And then the fear of the ex­penses they will in­cur in set­ting up in those ar­eas that the ini­tial ex­penses will be much more than what will come in. But, in fair­ness to them, un­less you are able and you are will­ing to in­vest in cer­tain ar­eas un­til you have in­vested you can­not wait to reap the ben­e­fit.”

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