Insurance is a necessity for every Nigerian – CIIN president

Mr Eddie Efekoha, the President of Chartered Insurance Institute of Nigeria (CIIN), on Monday expressed happiness on ways product creation in insurance industry is having positive impacts on Nigerian lives.

Efekoha told News Agency of Nigeria (NAN) in Lagos that insurance products were now having direct positive impacts on lives of average Nigerians.

“There are products and services tailored for everyone no matter which side of life they find themselves,” the CIIN president said.

He said that insurance was essential to provide cover for all eventualities in life, stressing that unexpected incidences often distabilised Nigerians because they lacked insurance policies.

“Moreover, nobody knows the day of his or her death and it would be disastrous for anyone to leave dependents without benefits.

“Insurance is the foundation for any wise financial planning,” he said.

Efekoha said that any doubting Nigerian should now engage the services of insurance brokers for professional advice and would be convinced by prompt payment of claims.

“For instance over N76 billion insurance claims were paid in 2014, close to N90 billion claims were paid in 2015 and over N105 billion claims paid in 2016.”