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‘How to raise insurance’s relevance, adoption to drive policy update’

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Ebelechukwu Nwachukwu

Industry experts have called for the creation of products that will meet the needs of every Nigerian, saying this will increase insurance penetration in the country.

They also advocated aggressive enlightenment to help Nigerians to understand that everybody needs insurance to hedge against unforeseeable risks.

Speaking to The Guardian over the weekend, the Chief Executive Officer, Leadway Assurance Company Limited, Tunde Hassan-Odukale, said sensitization is key to deepening the insurance business in the country.

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Speaking at an event to commemorate the company’s 50th anniversary, he appreciated the industry’s stakeholders in Nigeria’s insurance ecosystem for their contribution towards the organisation’s success. He noted that building a lasting legacy means having a “string of innovations under your belt”.

Also, the Managing Director/Chief Executive Officer, NSIA Insurance, Ebelechukwu Nwachukwu, in an interview with The Guardian on the challenges of insurance penetration and adoption, said that there is a need to employ information and communication technology (ICT) to drive the growth of the industry.

According to her, despite the slow adoption, there is no doubt that penetration will increase.

“In my entire career life, insurance people read more than any other professionals.

They are dedicated to writing professionals examinations and attending seminars, conferences and workshops.

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