Insurance industry stakeholders have urged the National Insurance Commission to drive the financial inclusion of many Nigerians as a way of increasing insurance penetration across the country.
The populace’s inability to save due to double-digit inflation in the economy, according to Daudu, is a serious challenge as most families don’t have enough to take care of their basic needs let alone save or take up insurance policies. He added that such campaigns will enrich the knowledge level of both rural and urban populace on the need for an insurance policy. He said efforts must be put in place to create jobs for the teeming youth. More jobs, no doubt, will increase financial access. This is because the reduction in formal employment will lead to a reduction in disposable income and savings. This will ultimately affect insurance,” he pointed out.
According to him, the population of Nigeria was 228,047,006 as of April 19, 2024, based on Worldometer elaboration of the latest United Nations data 1.The population of Nigerians aged between 18-64 years – adult, was 108.78 million. According to him, this new narrative demands a multi-pronged approach around Product Innovation, Distribution Channels leveraging technology and partnerships and financial literacy by investing in financial literacy campaigns that educate Nigerians about the benefits of insurance and empower them to make informed choices.
Insurance operators, he said, are being tasked to reorganise their operations and focus on promoting value. This, he noted, would, in turn, increase the number of persons who embrace insurance, turning them into ambassadors no matter in what sector they actively function.
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