The National Insurance Commission (NAICOM), and some experts have advised the youth and other Nigerians to imbibe the culture of subscribing to insurance policies to secure a brighter future.
Mr Olusegun Omosehin, the Commissioner for Insurance (CFI) said in an interview in Abuja on Sunday, that imbibing insurance culture would help expand opportunities in the sector.
Omosehin said that the Commission had signed a Memorandum of Understanding (MoU) with the Ministry of Youth Development to train one million youths in insurance.
He said the programme would sensitise youths in the country with the knowledge and best practices to be able to participate in insurance and boost youth entrepreneurship.
The CFI said the programme would also provide opportunities for the youth, promote insurance awareness on social media, and boost the insurance industry in the country with impact across other sectors.
Omosehin said the Commission was committed to the protection of policyholders in the business of insurance, saying that it was one of their core mandate.
He said the Complaint Bureau Department of the Commission was also available to receive complaints from policyholders.
Dr Sam Onyeka, the Lead Director, Transparent Protection Limited/GTE, said insurance was not just about protection; but about resilience, ensuring that when disasters struck, there was a mechanism to recover losses.
Onyeka told the newsmen, that insurance was not just for the wealthy or large businesses but for traders, farmers, drivers, teachers, and the family man.
According to him, without insurance, any devastating event can erase years of hard work and savings in an instant.
”The truth is, every Nigerian needs insurance. The type and scope of coverage may vary depending on one’s means and status, but the need for protection is universal.
”Without insurance, any devastating event can erase years of hard work and savings in an instant.
”Start small if you must, but start whether it is health, life, motor, or business insurance, there is a plan suited to your needs and budget,” he said.
The expert advised citizens to consult a trusted insurance provider to explore their insurance options.
”Insurance is not just a financial tool; it is a necessity in today’s unpredictable world.”
Mazi Chidike Ukoh, the National Secretary, National Fish Association of Nigeria (NFAN), said the inability of some insurance companies to pay claims was one of the reasons why some farmers avoid keying into insurance.
Ukoh, also the founding President, National Youth Empowerment Association, urged the regulator to institute serious action on insurance companies to ensure prompt claims settlement.
He also called for an effective monitoring mechanism by the regulator to ensure that insurance companies paid claims as and when due.
”Most insurance companies bring in technicalities in terms of claims and so the insured suffers loss.
”Some insurance companies shy away from farmers/herders clashes saying they are man-made and that is what farmers are faced with.
”Payment of claims usually leads to litigations and sometimes, small holder farmers will not have the background to go to court and so they lose their monies,” he said.
Mrs Lilian Ideke, a civil servant and a policyholder called for the recapitalisation of insurance companies to make them stronger and able to pay claims.
Mr Andrew Adama, another policyholder, advised citizens to involve the services of an expert before buying into any insurance policy to understand the terms and conditions before subscribing to them.