The Executive Director of Business Development and Technical at KBL Insurance Limited, Mr. Charles Ajawuihe, has identified two reasons that are impeding the growth of the insurance industry: a lack of commitment and a limited budget for awareness campaigns.
The Punch reported that he added that other impediments included the industry’s inadequate policy execution, the economic slump, and religious convictions.
He addressed at the company’s quarterly performance review in Lagos, according to a release on Sunday.
He asked industry professionals to take action to increase the public’s understanding of insurance benefits.
The Chief Executive Officer and Managing Director of the company, Mrs. Ukachi Orji, called for the creation of a national insurance inclusion policy initiative in her speech. This effort would be focused on repositioning insurance as a practical tool for economic growth and development.
“The insurance inclusion initiative will be an all stakeholders’ commitment to accelerate the access of the underinsured communities to mainstream insurance subscription at affordable prices, particularly for the mandatory products with managed premium payment strategy,” she said.
She mentioned that the National Financial Inclusion Governance Committee in the banks and the Central Bank of Nigeria had previously released a policy statement aimed at speeding up financial inclusion in the nation for the sector.
She claimed that this was already paying off for Nigerian banks.
“Such an initiative, which continues to assume increasing recognition globally, can also be adapted in the insurance industry, which I think would be to the satisfaction of all stakeholders,” Orji added.
Nigeria Insurers Association’s close collaboration 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.