Stakeholders in the insurance sector have condemned the stunted growth of the industry in Nigeria, warning that urgent measures must be taken by the government to educate and enlighten the people on several advantages that a robust insurance sector has for the growth of a nation’s economy.
The stakeholders attributed the development to lack of proper interaction between the sector and government agencies. “Today, we have practitioners who do not have the practical knowledge of the industry, many of them are just chasing money without grasping the various insurance laws and their applications, hence many of them find it difficult to pay claims to the customers.
“More money will come to the government as tax, the burden of burnt houses, collapsed buildings will be less on the victims.’’ he added.