The Executive Director, Business Development and Technical, KBL Insurance Limited, Mr Charles Ajawuihe, has identified insufficient budget for awareness campaign as factors affecting insurance growth.
He also said economic downturn, religious beliefs and poor policy implementation in the industry were hindering factors.
While speaking at the firm’s quarterly performance review in Lagos, he urged practitioners in the sector to introduce measures to boost insurance benefits awareness in the country.
In her address, the Managing Director, Chief Executive Officer, Mrs Ukachi Orji, called for the establishment of a national insurance inclusion policy initiative, that would focus on repositioning insurance as a viable tool for economic growth and development.
“The insurance inclusion initiative will be an all stakeholders’ commitment to accelerate the access of the uninsured communities to affordable mainstream insurance subscription, particularly for the compulsory products with managed premium payment strategy,” she said.
She noted that Central Bank of Nigeria, CBN, and the National Financial Inclusion Governance Committee in the banks, launched a policy document, focused on accelerating financial inclusion in the country, for the industry years back.
This, she said, was already yielding rewards for banks in Nigeria.
“Such an initiative, which has continued to assume increasing recognition globally, can also be adapted in the insurance industry, for which I think every stakeholder would have something to be happy about,” Orji said.
Orji commended Nigeria Insurers Association, for working closely with the National Insurance Commission and other stakeholders within the financial services and technology segments on moves to promote insurance, and increase its contribution to the GDP.