The prevalence of insurance in Nigeria is one of the lowest in the world, according to the chief executive officer of the Centre for The Promotion of Private Enterprise, Dr. Muda Yusuf.
The Punch reported that he urged business owners to use advocacy and other strategies to increase penetration.
He made this declaration in a statement while delivering a presentation at the 2023 Mid-Year Workshop of the Nigerian Council of Registered Insurance Brokers Lagos Area Committee with the subject “New political dispensation in Nigeria: Setting agenda for the insurance industry.”
He criticized the decision-makers and actors in the insurance industry for not actively advocating for and forming policies.
He stated that if people actively supported and engaged in the federal government’s agenda formulation, they would benefit greatly.
“There is a need for compliance with the policy of mandatory insurance,” Yusuf remarked. A policy or law cannot be in effect just through word of mouth.
“Therefore, when we talk about setting an agenda, this should come first. Regulation has led to a flourishing pension sector. Additionally, it’s advantageous due to voluntary compliance, which is required by law.”
In his welcome address, the Chairman, NCRIB, Lagos Chapter, Ademola Olutusin, stated that the country ushered in a new government at the federal and state levels in May 2023, with the hope that the new government’s policy would benefit the whole insurance industry.
