Chuks Udo Okonta
Unless insurance products are developed to carter for the
needs of the agriculture and informal sectors, the desired penetration would not
be achieved, the Group Managing Director Royal Exchange Plc, Chike Mokwunye,
has said.
He disclosed this at the 5th Anniversary Lecture/Award of the Business Journal Magazine, in Lagos, adding that poor
image/perception, lack of awareness, poor disposable income, nature of insurance
business and benefits, concentration on the elite, corporate and institutional
clients and traditional, cultural safety nets also contribute to the low level
of insurance penetration in the country.
He said: “With the structure of the Nigeria economy where
agriculture and the informal sectors are growth drivers and contribute over 60
per cent of the Gross Domestic Product (GDP) the integration of these sectors
into the financial system and the development of insurance products and channels
to the market that would carter to their needs are a necessity if reasonable
insurance penetration is to be achieved.”
He called on the media to join hands with the insurance
industry to promote awareness and education, stressing that the media has
immense role to play in building the needed awareness lacking in the industry
by partnering with operators.
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