Insurance sector to empower the financially excluded

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Authorities in the nation’s insurance sector say they are committed to ensuring that more than 40 million Nigerians, who are excluded financially, are empowered and brought into the system through insurance.

The President of Institute of Loss Adjusters (ILAN), Alhaji Femi Hassan, said in Lagos that the Insurance Industry Consultative Council (IICC), the umbrella body for all insurance institutions in the country, was committed to the project.

 “The 2012 Enhancing Financial Innovation and Access (EFInA) survey revealed that 40 million adults are still financially excluded,” Hassan said. The hurdle above, according to Hassan, had prevented many adults from contributing maximally to national development. He said the authorities would make insurance services accessible and affordable to all individuals and businesses irrespective of net worth and sizes.

According to him, the survey made the Central Bank of Nigeria to launch the National Financial Inclusion Strategy (NFIS) in October 2012. “The aim of NIFIS was to reduce the number of Nigerians that are excluded financially and get them empowered, promote savings, increase investments and income among others.”  He stressed the need to boost insurance industry’s contributions to the Gross Domestic Product (GDP).

Mr. Mufutau Oyegunle, the Vice-Chairman of the committee, also said at the briefing that the insurance industry would stop at nothing to increase its contributions to the nation’s GDP. He expressed the hope that insurance penetration would increase from the present 0.07 per cent after the conference, as many Nigerians would be sensitized and encouraged to take up insurance policies.

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