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Published On: Wed, Nov 19th, 2014

86.6m Nigerians have no form of insurance cover-Temowo

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The President Chartered Insurance Institute of Nigeria (CIIN), Mr Bola Temowo has disclosed that 86.6 Million Nigerians have no form of Insurance.

Temowo who stated this at the official opening of the institute’s 2014 annual education seminar noted that according to available data, 1.3 Million adults, representing 1.5 per cent of the entire Nigerian

adult population maintain some category of formal Insurance cover.

He pointed out that the Nigerian Government envisions an Insurance Industry which can turn its fortunes around to rank amongst the twenty largest markets in the world by the year 2020 from the current ranking of being the 60th in the World reckoning.

He noted that the Seminar theme called for the improvement of the Industry’s marketing machinery and the need for an Industry action plan for actualizing the Financial Inclusion Strategy (FIS) in the

delivery of Insurance products and services to the critical mass, comprising the low income earners.

“The significance of Insurance in the life of our Nation cannot be over emphasized. These trying times are fraught with several risk factors for both individuals and Corporate bodies. As risk managers,

it behoves us to increase the tempo of our campaigns for Insurance awareness in order to get more Nigerians to embrace Insurance with minimal compulsion.

According Temowo the Chartered Insurance Institute of Nigeria has continued to explore all platforms for the propagation of Insurance education and promotion of general Financial literacy.

“Our training and retraining programmes are being intensified, while creating new channels for capturing the younger generation and ensuring that they embrace Insurance consciously as a course of study.

It is in this direction that our Institute sponsored the production of the Insurance Textbook for Secondary Schools and has commenced the donation of copies of the book to over 2000 Public Secondary Schools in the Country through the State Ministries of Education”

The Institute, he said also acknowledges the dearth of Insurance teachers in the Schools and embarked on a Train- the –Trainers project in order to equip the teachers with the minimal skills for teaching

the subject. This serves as a reinforcement of the inclusion of Insurance as a course of study in Secondary Schools by the Federal Government.

“Let me state that the campaign for Insurance awareness has become the collective concern of the entire Insurance Industry. The Insurance Industry Consultative Council (IICC), the body comprising all arms of the Industry, has also taken positive steps towards sensitizing Government Agencies on the pivotal role of Insurance in Nationhood.

“The Council of our Institute has also adopted measures geared at involving all stakeholders in the campaign. We have recently been appealing to Insurance Institutions to adopt a Secondary or Tertiary

Institution close to them and support such Institutions with their employees as volunteer teachers who would take time off their official schedules to teach Insurance courses in the Schools”, he assured.

 

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