The national financial inclusion target for the insurance industry development would be a mirage unless the industry's players collaborate and address the immediate challenges undermining the growth of the industry, experts have said.
Looking into the progressive performance of the industry in the past few years, the panelists agreed that the progress recorded so far in the industry does not tally with the country’s population of over 200 million, saying that only 1.5 per cent of Nigerian adults are covered by insurance while uninsured Nigerians face risks and require better mechanisms to mitigate risks as an alternative to the informal arrangements currently in use.
“As we convene today, I am encouraged by the diverse representation from various sectors here present. This underscores the collective commitment to harnessing the full potential of insurance for the country’s growth and development.” The Group Chief Executive Officer, Consolidated Hallmark Holdings Plc, Eddie Efekoha, said that since NAICOM came up with an insurance bill in 2003, the public understanding of insurance, particularly among the retail service, has gradually improved while its penetration rate has increased.