IICC urges Nigerians to adopt insurance for income growth

The Insurance Industry Consultative Council (IICC) has called on Nigerians to maximise the huge insurance benefits offered by underwriting companies to accumulate income and improve their lifestyles.

The Chairman of IICC, Edwin Igbiti, who spoke at the 2022 edition of training on compulsory insurance, held in Benin City, Edo State, said that insurance offers income, life and property protection to the insured and their needs as well as income accumulation that could be used at retirement to help preserve the desired lifestyle of individuals.

He said insurance is a global entity whose values and benefits are numerous. Igbiti stressed that insurance stimulates business activities by managing risks associated with business operations.

According to him, the insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company.

He said a major risk that is bedeviling the country is the flooding challenge, adding that the menace has caused major havoc, including loss of lives.