Operators List Factors Militating against Insurance Penetration

Stakeholders in insurance sector have listed factors militating against the much desired insurance penetration in Nigeria highlighting hostile economy, trust issues emanating from hidden clauses in insurance policy documents, inadequate access to to information, technology, weak regulatory frame work as well as lack of skilled personnel as top among the militating factors.

They also highlighted lack of awareness on the value of insurance as a key factor.

The Head, corporate communications Polari Bank, Mr Rasheed Bolarinwa who stated this while presenting a paper on, “Media as catalyst for insurance inclusion,” at a two day media retreat organised by the Insurance Industry Consultative forum (IICC) for insurance journalists in Ijebuode, Ogun State, said these factors had done so much harm to the insurance industry that the response that followed the mention of insurance or insurance companies to an average Nigerian was predictable.

“Negative reactions and lukewarm attitude are the kind of feelings that come with an invitation to insurance policies. This informed the low patronage and acceptance of insurance companies operating in Nigeria”, he observed.

Earlier in his address to the insurance journalists, the Chairman of the Insurance Industry Consultative Council, Mr Edwin Igbiti said the insurers needed the support of the media to achieve their growth agenda in order to deepen insurance Penetration in the country.

Igbiti, who is also the President and Chairman in Council of the Chartered Insurance Institute of Nigeria appealed to the media to support the industry in its long journey to achieve adequate penetration and improve on its contributions to the national economy.