Operators decry poor insurance penetration

Operators decry poor insurance penetration

Chuks Udo Okonta

Chairman Nigerian Insurers Association (NIA) Remi Olowude, has described poor insurance penetration as a challenge to the industry’s growth.

Olowude who spoke in Lagos, said the poor level of insurance penetration has to be dealt with to make the industry thrive. He called on operators to up their games in ensuring that they maximise the enormous insurance potentials in the country.

He said: “All around us, we see challenges and opportunities that abound in our industry and the nation economy. These include restrictive laws on insurance practice, issue of multiple taxation, inefficient power sector and Nigeria Content Policy on oil and gas. Others are ensuring the workability of the market agreement, ensuring greater insurance awareness and penetration and migration to international financial reporting standard.”

He promised to improve the quality of insurance education and practice, build better platforms of communication between the association and member companies, work with his predecessors, improve relationship between the association and regulators, collaborate with other trade industry to deepen insurance penetration and promote ethical standard among members.

President/Chairman of Council Chartered Insurance Institute of Nigeria (CIIN) DR Wole Adetimehin, said the institute is partnering with teachers at secondary and tertiary institution to inculcate insurance education on students, promote insurance penetration.