Experts in the insurance industry have called on underwriting firms to initiate products that could address the needs of Nigerians and serve as a vehicle for driving sector penetration across the country.

The industry players, who spoke at the 9th edition of the Business Today Insurance and Pension Conference in Lagos, said financial inclusion was a key driver of economic development with insurance playing a critical role in ensuring that Nigerians can survive unforeseeable circumstances.

The Commissioner for Insurance, Olusegun Omosehin, who was represented by the Deputy Director and Head of NAICOM Lagos Control Office, Dr Julius Odidi, advised the underwriting firms to consider the future needs of insurance consumers in creating insurance products and services.

Omosehin, while stressing the challenges of achieving financial inclusion through insurance, said the number of financially-excluded Nigerian adults is more than 50 per cent.

According to him, Nigerians’ failure to save due to double-digit inflation is a serious challenge for the economy.

He also noted that poor insurance awareness accounted for why most Nigerians have limited knowledge about the need to take up an insurance policy.