The Founder/Chairman of Proshare Nigeria, Mr. Olufemi Awoyemi, has called on the insurance industry to spearhead the adoption of digital assets in the country in order to leverage inherent risks for wider coverage.
Awoyemi said the 2023 national budget does not hold much promise for the industry unlike in other climes where regulation, taxation, infrastructure and social welfare programmes all have significant impact on the sector. According to him, the industry could leverage economic downturns to increase insurance coverage by prioritising certain types of insurance and infrastructure to reach new markets.
On the other hand, the widespread poverty incidences should nudge insurers to offer products and services that are affordable, accessible and meet the needs of consumers and businesses within each stratum.” He said, “Nigeria’s financial system is dynamic and constantly evolving with operators especially in the banking system using unorthodox means to explore new markets and expand their operations.”
He said insurtech would remain a force in the industry because it can conveniently bridge the two issues that that weaken insurance penetration in the country.
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