There is indication that the insurance industry is looking up to the private sector stimulation for growth in the insurance business.
Disclosing this at the Leadway Assurance 2022 media training, the Principal Investment and Strategy at Leadway Assurance Company Limited, Joshua Ogbeifun, called on the government at all levels to provide credits that will promote private business operations and entrepreneurship to empower Nigerians economically.
Speaking on the topic, ‘‘Driving Insurance Penetration in Nigeria’’, he enjoined insurers to work in partnership with government, regulators and other stakeholders to help shape and reform policies.
According to him, if access to credit is guaranteed, Nigerians will acquire assets, take loans and invest so that underwriters can provide risks that will protect their assets against loss.
He also emphasised the need for the players to demystify insurance.
Ogbeifun said Nigeria’s low insurance penetration amid its huge population would see a quantum leap if the country could intensify financial inclusion education and improve access to credit, he said.
According to him, external factors needed to increase penetration in Africa’s most populous country including financial awareness. Others are enforcement of compulsory insurances and improved micro-economic environment. He said low penetration was a major challenge facing the industry.