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Published On: Thu, Jan 31st, 2019

Old Mutual harps on need to embrace insurance

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From Ngozi Onyeakusi, Lagos

Old Mutual General Insurance Company, a subsidiary of the pan-African insurance giant and leading global financial services provider, Old Mutual Limited, has harped on need for Nigerians to embrace insurance as a form risk mitigation.
Executive Director, Technical, Old Mutual General Insurance Company, Japhet Duru, who made the call said “We have discovered that the Nigerian perception and affinity towards insurance has remained low in spite of Nigeria’s huge population.
According to him, importance of insurance as a risk management tool cannot be underestimated. In the third quarter of 2018, insurance companies paid claims totaling N145 Billion to policyholders.
By implications, he said, the industry claims payout effectively prevented a massive economic loss which ordinarily would have caused untold financial crisis to those affected by various forms of incidents.
He noted that what Old Mutual aims to fulfill in a bid to provide sound financial security and advisory services, is to educate Nigerians on how insurance affords them a well-rounded life rather than one where they fail to venture due to fear of risks.”
In a similar vein, Alero Ladipo, Marketing Executive, Old Mutual says, “When we compare Nigeria to other emerging markets, we have discovered that Nigerians are yet to fully grasp the importance of embracing insurance to mitigate the financial loss caused by risks that abound. By having this knowledge of insurance, we believe Nigerians will be able to make sound financial choices for their families and businesses.”

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