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Broker urges Nigerians to embrace insurance

By Guardian Nigeria
27 September 2009   |   3:09 am
THE impact of the current global financial crisis would have been minimal on Nigerians if insurance patronage level in the country was high. Many businesses and investments around the world had been adversely affected by the economic meltdown which has gravely diminished the value of global investments.


Managing Partner, Mindscope Insurance Brokers, Mr. Akintunde Akinsanya said that Nigerians were still grossly ignorant of the opportunities that insurance guarantees, hence their monumental loss when problem arises.

“Research has shown that Nigerians’ apathy to insurance ranks as one of the highest in the world. That’s why people bear needless risk when unforeseen challenges arise. You can insure your business against any ridiculous devaluation. A critical example is the current economic meltdown.

“People need to prepare against risk so when others are running from pillar to post, a person with an insurance policy will only need to talk to his insurance company and the burden is transferred to the company. It is funny that in Nigeria, people will budget a huge sum of money for investment purposes and won’t think of insuring such against risk. Risk is a certainty that has come to stay with us. The earlier that truth is imbibed the better for Nigerians,” he said.

Akinsanya further pointed out that this apathy is linked to low awareness in the sector, adding that Nigerians needed to be informed of the transformation and various landmarks that the industry had recorded in the recent past.

He also commended the mass enlightenment initiative of the Insurance Awareness Project. He said that if it was sustained and intensified, it had the potential of revolutionising perception and patronage in the industry.

The Insurance Awareness Project, an initiative of some of the leading insurance companies in the country, is a sensitisation campaign aimed at enlightening Nigerians about the benefits and opportunities in the country’s insurance business.

The campaign, which deploys an integrated marketing communications strategy, is borne out of the need to address the low awareness and patronage level of insurance business in the country. It also seeks to disabuse the minds of some Nigerians on the negative perceptions and widespread misconceptions that attend the industry and its practitioners.