February 28, 2024
Why Insurance Penetration Is Low In Nigeria – NCRIB
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Why Insurance Penetration Is Low In Nigeria – NCRIB

The Nigerian Council of Registered Insurance Brokers (NCRIB), has decried the low insurance penetration in the country and blamed it on poor understanding and lack of access to registered brokers to offer them professional guidance on the consumption and regulatory procedure.

Speaking with newsmen over the weekend at the investiture of the 13th Chairman of the Abuja Area Committee of NCRIB, Asiwaju Jide Bello in Abuja, the President and chairman of the NCRIB, Mr. Babatunde Ogunade FCIB, said that less than 3 million Nigerians have insurance, because the rest lack a proper understanding of what to do with their insurance and as a result, most of the things they do are done on cash and carry basis, as against the practice in the developed world.

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He advised Nigerians to cultivate an insurance culture by getting qualified and registered brokers to guide them on the best ways to facilitate the consumption of their insurance and guide them on regulatory processes as contained in the extant laws.

He also called on the government to extend its economic diversification drive to the insurance sector, to draw the benefits of insurance from incoming Foreign Direct Investments, FDI.

    • 3 months ago

    […] READ ALSO: Why Insurance Penetration Is Low In Nigeria – NCRIB […]

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