Insurance expert urges awareness campaign in rural areas

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Matthew Otoijagha
 
An underwriting expert has urged operators in the industry to intensify awareness campaign at the grassroots for rural dwellers to access insurance.                               
 
The Managing Director of LAKEG Insurance Consult Limited, Mufutau Oyegunle, who made the charge in Lagos, said that the rural dwellers were often faced with huge losses and lacked the knowledge of how the losses could be mitigated.
 
According to him, there are untapped markets in the rural areas as we speak, adding that intensive enlightenment and education in the rural areas would also increase the industry’s premium.
 
“There is also need to conduct a research on systems that insurers can use to deepen penetration in the areas. I am hoping that shortly, branches will be upgraded and reinforced for rural enlightenment, marketing and getting people to insure and do life assurance,’’ he said.
 
Oyegunle also noted that insurance awareness in the rural areas would enable the industry increase its contributions to the Gross Domestic Product (GDP) of the country.
 
“Presently, the insurance industry is contributing less than one per cent of the country’s GDP. Its contribution will improve if the rural areas are tapped,’’ he said.

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