Insurance operators urged to adopt advocacy for penetration

The Chief Executive Officer, Centre for The Promotion of Private Enterprise, Dr. Muda Yusuf, says Nigeria’s insurance penetration is one of the lowest globally.

He urged operators to adopt advocacy and other methods to deepen penetration.

In a statement, he said this while delivering a paper titled, ‘New political dispensation in Nigeria: Setting agenda for the insurance industry,’ at the 2023 Mid-Year Workshop of the Nigerian Council of Registered Insurance Brokers Lagos Area Committee in Lagos.

He blamed the insurance industry players and policymakers for not participating fervently in policy formulation and advocacy.

According to him, they would gain a lot if they aggressively advocated and participated in Federal Government’s policy formulation.

Yusuf said, “There is need for compliance on the policy of compulsory insurance. We cannot have a policy or a law that is existing just by the word of mouth.

“So, this should come first when we are talking about setting an agenda. The pension industry is thriving because of regulation. It’s also good because of voluntary compliance and that’s the regulation that you have to comply.”

The Chairman, NCRIB, Lagos Chapter, Ademola Olutusin, in his welcome address, said precisely in May 2023, the country ushered in a new government at the federal and state levels, with hope that the policy of the new government would favour the entire insurance industry.