Yemisi Izuora
Trade associations and artisans in Nigeria are now passionate about insurance and has engaged practitioners having understood its relevance.
The Managing Director Capital Express Assurance Limited, Mrs. Bola Odukale, who identified the current trend in the industry said these groups have now seen the need to collectively take insurance for their members, and are now buying group insurance.
Odukale said that as the industry continues to grow there will be a situation where even individuals on their own will come together as trade associations.
She said that artisans are now approaching underwriting firms because of their conviction in the policy as a perfect means to have financial protection.
“We have a lot of trade associations and artisans that have group life scheme in place, and it is a huge scheme for the welfare of the people.” Odukale said adding that there was the need for more private sector employers to put the group life insurance scheme in place for their employees.
She noted that the awareness is already high but there is need for the government to ensure that the employers comply.
“The private sector is aware of the Act because there has been sufficient sensitisation and virtually every company within the organised private sector knows that there is something called the group life scheme,” Odukale said.