Insurers have been a bit lazy in reaching the public - Odukale

Chuks Udo Okonta 

"We have been a bit lazy. I will be frank with you .We are not trying to reach people enough with insurance." Those were the words of the Managing Director Leadway Assurance Limited,  Oye- Hassan Odukale, as he canvasses urgent need to deepen insurance penetration.

Odukale, who spoke in an interview with a national daily, said insurance business thrives on number, adding that one of the things insurers have been accused of, is not reaching large number of Nigerians. Which is responsible for the low insurance penetration in the country.

He noted that insurance penetrated better  by selling the product generally  to a larger number of people, stressing that even the commissioner for insurance Fola Daniel agrees that insurers have not adequately penetrated the market.

"Nigeria has a population of over 175 million people  so where we look at it that the market is tough, people outside Nigeria see it as opportunity because they look at the number of people we have and if you can sell products to them you know you have penetrated the market. 

"So   it is a matter of time we are looking at it  also that we need to look at our backyard .There are people to reach there,I look at it that  we in insurance industry , we have been a bit lazy  I will be frank with you .We are not trying to reach people enough with insurance. 

"When it comes to overall premium income of insurance industry,it is not all that bad but most of them come through commercial insurance because you can sell one policy to an organisation for a couple of millions," he said.