Mentality of ‘trusting God’ slowing Nigerian insurance industry’s growth – Olamerun

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The Vice-President, Pan-African Insurance Agency Organisation, Gbadebo Olamerun, speaks to TEMITOPE ADETUNJI about the fortunes of the insurance industry in Nigeria and on the African continent

As a President, your body language says a lot. I will give you an example. We’ve had a consultative forum for four years and I just came back from Kenya. The entire insurance industry in Africa was in Kenya. The President wasn’t there but he sent his representative but in Nigeria, the President came in person.The indices are clear and I’m not here to challenge them. Business, since 2015, has been extremely challenging. The number one problem is insecurity.

What is the significance of your position at the Pan-African Insurance Agency Organisation for Nigeria? First and foremost, it’s a continental assignment. It’s not a Nigerian assignment. Our primary motive is to increase the penetration of insurance in Africa. The same narrative that is affecting Nigeria with two per cent penetration is also almost the same for some African countries within the same trajectory. Several other Africa countries are within the same trajectory. We have just three of four countries that have above three per cent penetration.

It’s crazy that whenever any of our highly-placed guys here has malaria, the next thing to do is to travel abroad. We are looking at who has that track record? Who has the capacity to provide succour for Nigerians? It’s crazy to say that any country you travel to, Nigerians lead majority of the sectors in that country. Name it – United States, UK, even Russia that is fighting war. Check all the major stakeholders in those countries, they’re Nigerians.

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Insurance is fraud in Nigeria. Do they pay when it is right to care for insurers?

Make we no trust God again?

I honestly disagree, you do not things like this to thrive in Nigeria, except he's talking about politicians and looters. The greater population is valuable during elections.

Factos. ‼️ They be expecting god to do everything for them as if God didn't put a brain in there heard. Some even be expecting go's to give them life insurance

Absolutely

Are u ok

I don't understand ogbeni are you okay?

“Buy an insurance policy for your car against theft or accident” and you hear something like “accident is not my portion”

Nigerian insurance market is a scam

Of course, the watch man watching in vain except the lord protect.

When Nigerian has no option . Then they tend the hope to spiritual. And the churches are not the problem but govt.

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