Insurers urge more Nigerians to embrace insurance for economic empowerment

A chieftain of the insurance industry in Nigeria, Mr. Oye Hassan-Odukale has harped on the relevance of insurance in Nigeria’s economic development saying that the principles and benefits of insurance must be adequately explored for the country to realize her full potentials.

Mr Hassan-Odukale noted that it was for good reasons that managers of the Nigerian economy had recommended certain classes of insurance policies as compulsory components to sustaining growth and stability.

Mr Hassan-Oduka who is the chairman, sub -committee on publicity and communication of insurance committee of the Nigerian Insurers Association (NIA) had consequently urged more Nigerians to seek for insurance protection for all their activities considering that there is an insurance cover for virtually all human activities.

Speaking on an insurance awareness campaign with the theme, Live with freedom, he revealed of the many achievements accomplished through the deployment of the principles of insurance as a risk management mechanism.

“The benefits of insurance cannot be over emphasized. It serves as an anchor. It serves as an anchor for both individuals and the economy. For the individual, insurance helps to safeguard treasured interests from loss and uncertainty, giving him the freedom to enjoy life to the fullest. Insurance ensures reduced risks of venture and provides succor during losses, hereby enabling businesses to thrive. It drives the key of economy. The wealth of the economy and its human and material resources are fortified when they are insured”, he remarked.

He had gone ahead to list some of the compulsory insurances to include third party motor insurance, Employ group life insurance, health care professional indemnity insurance, insurance of building under construction, as well as insurance of public building among others.

According to him, people can get insurance protection with as little as N5,000 as in the case of the Third party motor insurance.

“Insurance in Nigeria has become affordable and easy to access. The ‘you insure platform’ launched by the NIA has made it easy for users to access insurance companies of their choice with a simple click on their mobile devises. The platform also serves as a bank of knowledge and information for Nigerians as it relates to insurance matters”, he further explained.

Mr Hassan-Odukale who doubles as the Group Managing director of Leadway Assurance Limited expressed happiness that more Nigerians are queuing into the culture of insuring their lives and property even as he urged for more people to enter into the insurance net.

The insurance industry in Nigeria has indulged in concerted efforts to improve the quality of their services and products just as they strive to eliminate in instances of fake insurance policies in the system.

It was consequent upon such efforts that the NIA opened an insurance portal which enables its member companies to upload every motor insurance policy issued to their clients.

The whole essence of the exercise is to help law enforcement agencies to identify fake motor insurance policies.
Besides, the NIA in conjunction with the National Insurance Commission (NAICOM) which the insurance industry regulatory authority has developed strategies geared towards encouraging insurance companies to be prompt and efficient in the payment of genuine claims.

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