The Nigeria Council of Registered Insurance Brokers (NCRIB) urged the federal government to support the penetration of insurance coverage for citizens in the country.
This was disclosed by Dr Bola Onigbogi, President/Chairman Governing Council of NCRIB, in a meeting with reporters in Lagos on Wednesday.
The NCRIB boss disclosed that the FG should enforce Sections 64 and Section 65 of the Insurance Act 2003, dealing with property insurance and enable compulsory insurance policies across different sectors of the economy.
What Dr Onigbogi is saying
“Without doubt, one would have expected an industry which is two years older than Nigeria to have recorded tremendous feats in its contribution to the nation’s economy. Sadly, the reverse has been the case, and this is hinged on the numerous challenges such as low penetration, among others, confronting the sector,” she said.
She added that Nigeria’s insurance sector is vital and also needs attention by the FG towards economic growth and diversification, citing companies going bankrupt due to the fact they had no insurance coverage.
What you should know
The Nigerian Insurance sector remains largely underdeveloped with Insurance penetration still at c.0.5% to GDP. The sector contracted by 18.67% y/y in the Q3 GDP report released by the National Bureau of Statistics (NBS)