For underwriting firms in the nation’s insurance industry to retain 70 per cent of risks locally, there is need for the sector to increase profitability of insurance business.
In the paper, ‘2021 Review and 2022 Economic Outlook,’ Adedipe, the chief consultant of B. Adedipe Associates Limited, commended the insurance industry particularly for surviving the COVID-19 pandemic but felt there are areas of improvement for the regulators, operators and other stakeholders.“If the government and its agencies are responsible, put more firmness into enforcement, then, the industry will contribute its quota maximally to the economic value chain.
On low insurance acceptance in Nigeria, the economist said, there is a need for operators to provide adequate information to the insurance consumers both locally and internationally.