Analyst wants insurers to develop products to attract Nigerians

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An analyst, Mr Muftau Oyegunle, on Saturday advised Insurance companies to develop more products to attract Nigerians to patronise the sector.
Oyegunle told news men in Lagos that “ attractive products development should be the main driver for insurance policies this new year.

“It is a common knowledge that insurance culture is very low in Nigeria, especially in the informal sector.

“Developing a wider range of insurance products will bring insurance to the door-steps of most Nigerians,’’ he said.

According to him, AM Best and August & Co. 2015 financial reports for Insurance industry pointed out that the industry needed to be revitalised.

“The reports revealed that less than one per cent of the adult populations in Nigeria have access to a (voluntary) insurance policy.

“It also says that Nigeria is among the least countries in terms of insurance contribution to GDP which is around 0.72 per cent.

“The report also shows that Nigeria’s insurance industry is grossly untapped,’’ he said.

Oyegunle urged insurance companies to improve on Workers’ Compensation Insurance policy, saying: “it will attract more workers to get insured.

“Products under Life Assurance can be developed, especially products that will provide funeral fundamental benefits.

“Insurers should take a look at education sector and seek ways to ensure that the less privileged gets quality education.

He urged insurers to enter into synergy with Micro Finance Institutions (MFIs), stressing that “it will help ensure a better drive of insurance into informal sector. (NAN)