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’60 million potential insurance customers are low income earners’

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By ABDUL OLALEKAN

Following the increasing poverty level in the country, leaving most people in the low income bracket, Executive Director of Leadway Assurance Plc, Ms. Adetola Adegbayi said, of the 80 million potential insurance customers, an estimation of about 55 million to 60 million are on low income bracket.

This, she added, meant, the middle and the upper income class will account for only 20 million to 25 million potential customers.

Speaking at the investiture of Mr. Ralph Opara as the 10th president of the Institute of Loss Adjusters of Nigeria, ILAN, in Lagos, she said, because of this, the core Insurable Band would at least be about 10 million, yet estimated policy sales is between 2.5 million to 3 million, 25 percent to 30 percent of potential middle to upper middle income market.

She also pointed that current insurance density (Premium Per Capita) is less than $9 compared with whole of Africa at $66, stating that Nigeria’s insurance industry recorded N285 billion premium in 2013 at N167 to a $1 with a rebased GDP of 521.8 billion, showing 0.37 percent IP and N302 billion in 2014 at N191 to a $1, indicating 0.278 IP, which shows the industry growth being at variance with economic expansion and possibly flat when inflation was adjusted.

Adegbayi charged ILAN to rise to the challenge of engaging in activities that will ensure the general welfare and public well being of insurance loss adjusters and take necessary actions for the advancement of education in the field of loss adjusting in the country.

The institute, she said, helps the industry to establish cause of loss, investigate complex or contentious claims and assess the validity of the claim and recommend appropriate payment.

While unveiling his agenda, Opara, who is the current ILAN president, explained that the institute was fashioned after Chartered Institute of Loss Adjusters, CILA, of the United Kingdom and by their structure; examination and training of the loss adjuster are vested in CILA.

To further boost its services within the industry, he stressed that ILAN has taken steps to submit a Bill to the National Assembly to seek for an Act to establish the Institute of Chartered Loss Adjusters of Nigeria, ICLAN.

This, he pointed out, could have happened last year until the Governing Council advised that the issue be discussed first with relevant industry operators.

Opara explained that in the course of doing so, the Minister of Finance has called for a review of the Consolidated Insurance Bill and that ILAN Governing Council further advised for a stay of action in the submission of its draft Bill to the lawmakers in case there might be issues that could arise from the ministerial review of the Insurance Bill that could rub off on the ILAN proposed Act.

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