Insurers engage Nigerians on need to adopt risk covering culture

Against the backdrop of the natural and man-made disasters lurking around the country, insurance chief executives in the country have admonished Nigerians against overlooking the importance of insurance including insuring their lives.

The Vice Chairman, Sub-Committee on Publicity and Communications, Insurers Committee, Mrs. Ebelechukwu Nwachukwu, who spoke to The Guardian over the weekend, said this narrative necessitated the rebranding of the nation’s insurance industry.

She stated that the Insurer’s Committee, comprising of Chief  Executive Officer of all insurance companies in the country engaged Alder Consulting, Nigeria’s creative intelligence firm last year 2018 to jointly  rebrand the industry and make it better understood by Nigerians.

Nwachukwu, stressed that the initiative was born out of the need to redefine the narrative about insurance and to educate Nigerians on its importance.

She said: “The campaign was also designed to change the perception of the sector and increase the market penetration on insurance in Nigeria. Considering that less than one per cent of the Nigerian adult population was insured.

“About 80 per cent of those insured are 35 and above. Millennials below 35 years who form over 70 per cent of Nigeria’s population, or about 138.6 million, form a large part of the uninsured.”

“In line with the foregoing, the project was designed to showcase the advancements made in the insurance sector and to encourage more Nigerians to take up insurance. It would also highlight real customer testimonials of insurance. At the end of the day, insurance would be positioned as desirable and not just a regulatory necessity.”

The Managing Partner, Alder Consulting, Leke Alder, on his part explained that the campaign will span an initial period of three years, in three months respectively.

He added that instead of pushing a message of fear and tragedy, the campaign focuses on the fulfillment of hopes and dreams, when insurance serves as a safety net in life. Hence, the phrase “Live with Freedom” was adopted as the theme for the campaign.