Microinsurance: NCRIB woos market women, artisans, road transport workers

From left: Deputy President Nigerian Council of Registered Insurance Brokers (NCRIB), Kehinde Okunoren; President Ayodapo Shoderu; Council  Member, Mrs Adesola Williams; Executive Secretary, Fatai Adegbenro and Treasurers Biodun Durodola at the event in Lagos.

Chuks Udo Okonta

The Nigerian Council of Registered Insurance Brokers (NCRIB) has concluded plans to take microinsurance business to the door steps of market women, artisans, road transport workers and other groups in the informal sector.

Its President Ayodapo Shoderu, disclosed this today Monday, at a press parley in Lagos. He noted that the NCRIB will give wings to microinsurance insurance initiative by visiting the unreached groups in the society.

He said the council’s decision to embark on the awareness campaign stems from its belief that the growth of the industry hinges on development of microinsurance practice.

He said: “It is auspicious to state that the council has identified other notable stakeholders such as market women associations, artisans groups and road transport workers employees association for insurance awareness.

“Very soon, the council under my leadership will give wings to the microinsurance initiatives by visiting these seemingly unreached groups.

“The present administration shares the belief that if the insurance industry must grow, our emphasis and focus must shift to microinsurance to home in its benefits to the industry and the economy.”

He said the council would embark on well coordinated awareness campaign to educate the public on how they can leverage insurance to mitigate risks. He added that the spate of loss incur by the public is worrisome, stressing that the losses would have been mitigated if the people have insurance.

Shoderu expressed misgivings over the contributions of the industry to the economy, stressing that among besetting challenges that had stifled the industry’s growth is limited public awareness and its services.

“Regretfully, as at today, the insurance industry contributes less than one per cent to the gross domestic product. Among besetting challenges that had stifled the industry’s growth is limited public awareness about the industry and its services. In spite the monumental opportunities presented by the nation’s large and growing population. Every enduring strategy to change this paradigm must involve strategic media engagement to achieve desired success,” he added.