Unveiling the Insurance Void: 70% of Nigerians Risking it All
The Nigerian Council of Registered Insurance Brokers (NCRIB) has recently ignited an urgent conversation about Nigeria’s insurance landscape. According to the council, a staggering 70% of Nigerians remain uninsured, a revelation that raises alarms about both individual and national risk management.
A Call to Change Perceptions
During an enlightening session in Abuja, the newly appointed 13th Area Committee Chairman of the Abuja Area of NCRIB, Ojo Richard, delivered a powerful message - insurance should be viewed as an essential tool rather than a burden. He urged the nation to pivot their perceptions and consider insurance as a foundational financial strategy.
The Challenge of Low Penetration
With insurance penetration in Nigeria lingering at an unsatisfactory 4%, Richard emphasized the urgency of elevating this statistic. “Insurance should be a priority, not an afterthought,” he stated, stressing the need for the middle and lower-income classes to invert their priorities.
Grassroots Engagement: A New Direction
To tackle this pressing issue, NCRIB has launched a proactive advocacy drive. From June 30 to July 4, major cities like Lagos, Ibadan, and Port Harcourt will witness vibrant roadshows and market engagements as part of a nationwide tour. The initiative seeks to demystify insurance through direct community interaction.
Innovative Awareness Campaigns
NCRIB isn’t just sticking to traditional ways. They are investing in both traditional and digital media to spread the insurance gospel. The organization is even fostering the younger generation’s interest by establishing insurance clubs and creating endowment funds aimed at inspiring students to explore an insurance career.
Customer-Centricity: The New Mantra
Prince Babatunde Oguntade, the NCRIB President, underlined the Council’s shift towards customer-centric insurance solutions. Understanding the unique needs of each client and providing tailored insurance policies is the new norm. This approach, Oguntade argues, is key to rebuilding trust and ensuring fair compensation when claims arise.
Inclusivity: Insurance for All
In a progressive move, Oguntade called upon insurance companies to create more inclusive products targeting vulnerable groups. Currently, some brokers offer verbal interpretations for the visually impaired, but the goal is to develop even more accessible and inclusive formats.
Through these concerted efforts, NCRIB is not just advocating for increased insurance coverage but is pioneering a movement towards a more aware, prepared, and resilient society. This shift is crucial for empowering Nigeria to mitigate life’s uncertainties and uplift the general welfare of its citizens.
As stated in Leadership Newspapers, the drive for insurance awareness continues to gain momentum, promising a more secure future for all Nigerians.
