'Over N60 b microinsurance opportunities unatapped'

'Over N60 b microinsurance opportunities unatapped'

Chuks Udo Okonta

Over N60 billion microinsurance opportunities are untapped by insurers the Managing Director Riskguard-Africa Nigeria Limited Yemi Soladoye, has said.
He said this at a workshop organised by the National Insurance Commission (NAICOM) for journalists in Calabar, adding that microinsurance remains the panacea for porverty eradication.
He urged insurers to develop products that suit the need of the public, adding that any product that does not take default into consideration would fail. He said most insurers sell products and not solution.
He noted that research has revealed that Micro Finance Banks (MFBs) in the country presently have over 20 million customers, adding that the customers are good prospects for microinsurance.
He said the problem of insurance is that most people lack education on how it operates, adding that it is worrisome that most operators recycle products developed by their counterpacts.
Soladoye said 90 per cent of insurance operators are confused about the difference between insurance education and advertorials, stressing that people do not buy insurance because they lack knowledge of the benfits it provides.