Fall in oil price deeps insurance premium

Odukale 

Chuks Udo Okonta 

The fall in oil price is having a huge negative impact on insurance business Inspen can report.

It was gathered that businesses from the government are no longer forth coming as expected due to paucity of funds.

Managing Director Leadway Assurance Limited Oyetunde-Hassan Odukale, said the deep in oil revenue has made government to consider other needs more crucial than insurance.

"There have been challenges, you know our main source of foreign revenue income is oil and there is deep in the oil price so it affected everything ,it affected government revenue, you know many state governments have not paid salaries, so you  want to resolve these things before you say you want to pay insurance premium.

"But overall every business go through turbulent times it cannot be smooth and selling every time you must go through some hard time, the economy gets through hard times, we pray that it will get better again.It cannot just be one way traffic, there may be times you have challenges in every industry," he said.

He was optimistic that the incoming would help restore order in the economy so that businesses can rebound?

"We have a new government coming up and we all pray that it will  find solution to all these problems we are facing in the country. Look at the queue of petrol. But it is for every body not just for the insurance industry, it is for the entire economy and insurance is a reflection of what is happening in the economy, we don't create business we only insure business so if the business is not doing well, what are you going to be insuring, we are the mirror of the economy so is only when the economy is doing well  that we do well also.If the economy is not doing well  what are we going to be insuring," he added.