Nigeria Crashes Insurance Policy Rate 

Image result for Mr Oye Hassan-OdukaleYemisi Izuora 

The Chairman, Sub-Committee on Publicity and Communication, Insurers Committee, Mr Oye Hassan-Odukale has given an insight into how the industry is attracting the public to embrace insurance.

Odukale, has revealed that now Nigerians can purchase insurance policy with just only N5,000, as it has been made affordable and easy to access

 Hassan-Odukale who is also the Managing Director, Leadway Assurance Ltd, said a marketing campaign project by all the insurance companies in Nigeria titled, “Live with Freedom”, was launched to showcase the advancements made in the insurance sector, and to encourage more Nigerians to take up insurance.


He noted that educative and informative tools were deployed, with a goal to redefine narratives about insurance in Nigeria and project insurance as indispensable and desirable.


According to him, two of the effective tools engaged were social media and blog posts. Since June 2018, several articles have been published on the website and shared across various social media platforms.

He stated that these educative features span the benefits of insurance, easy ways to purchase insurance and the compulsory insurance policies recognised by law in Nigeria.


He noted that there are seven insurance policies mandated by law in Nigeria, which the Federal Government made compulsory for every individual and corporate worker in the country to be protected by operating these policies, as applies to them.

He said: “The compulsory insurance policies include Motor Third Party Insurance, Employee Group Life Insurance; Health Care Professional Indemnity; Insurance of Public Buildings; Insurance of Buildings under Construction; Aviation Third Party Insurance and Marine Insurance (Cargo)


“The benefits of insurance cannot be over-emphasised. It serves as an anchor for both individuals and the economy. For the individual, insurance helps to safeguard treasured interests from loss and uncertainty, giving him/her the freedom to enjoy life to the fullest. Insurance ensures reduced risk of venture and provides succor during losses, hereby enabling businesses to thrive. It


“Insurance drives the key sectors of the economy. The wealth of the economy and its human and material resources are fortified when they are insured. The “you are insured” platform has made it easy for users to access any insurance company of choice, with a simple click on their mobile devices. The platform also serves as a bank of knowledge and information for Nigerians, as relates to insurance matters. Simply put, it is insurance made easy – a one-stop resource center for everything insurance in Nigeria. To read more about insurance policies and how you can easily purchase one, please visit the website.


Managing Partner, Alder Consulting added that in its first three months, the you are insured campaign recorded a following from 0 to nearly 20,000 followers and a reach of about 8.8 million, across its social media platforms.

He said materials were consistently deployed on digital media including animated videos, graphics, written testimonials, and themed video series. A total of 171 videos and graphics have been deployed thus far.


The camapaign ensured that the seven compulsory insurance policies in Nigeria were emphasised and reinforced amongst Nigerians. The populace were also adequately sensitised on on the appropriate process for resolving claims.


Although digital media has been a major tool for deployment, impactful activities were also being reinforced offline. For example, a total 1,694 radio spots of radio skits were aired in the second phase of the campaign, an increment from 1,415 skits aired in the first phase. Brand activation events, interviews, talk shows, etc. are also currently in the works.


The project has recorded successes so far. According to a poll conducted by Brand Sampling International, “67% of the people who encountered the campaign in phase 1 are now aware of compulsory insurance”. By the end of January 2019, the campaign had also witnessed over 100% increased followership and engagement across its social media platforms, in comparism to when it kicked off in June 2018. The combined reach across digital media had also risen to 12.3 million.


 Beyond awareness, Nigerians also seem to be more interested in the benefits of insurance. A spectacular episode occurred on Wednesday, January 16, 2019. Alder received a phone call from an individual in Asaba. He had listened to the radio skit produced for the campaign and called the radio station to request for information, as he had assets to insure. The individual was immediately directed to the list of insurance companies on to enable him make a choice.

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