Sunday, July 6, 2025
INSURANCEMARKETSTOP STORY

Experts urge FG to evolve friendly policies to aid insurance adoption

By ABDUL-KHALIQ OLALEKAN

Experts have called on the President Muhammadu Buhari-led administration to unveil friendly policies that will aid insurance adoption in the country, noting that his policies, since he took over the presidency was making Nigerians uncomfortable, as disposable income continue to drop on daily basis.

Mr. Lanre Sotunde, an insurance client said the policies of the current administration have made life difficult for the common man, while the elitists too were affected, as people have little or no disposable income, hence have little or nothing to budget for insurance.

He equally stressed that he was seriously considering suspending  some of his insurance policies, although, he later weigh up the consequence of such decision compared to renewing his insurances, saying, he has to denied himself of so many things to be financially empowered to do it.

He disclosed that some people had suspended insurance policies, at least for now, until the economy is prosperous again.

While imploring government to weigh the consequences of its policies before making them, he added that the economy was regressing.

President, Association of Registered Insurance Agents of Nigeria (ARIAN), Mr. Gbadebo Olameru, while speaking to Business247 said because what affects the economy affects every sector of the economy; the insurance industry is not isolated from the current financial crises.

“The little money in the economy make people have less disposable income, and this is reducing the level of insurance businesses underwriters are currently getting. People don’t have money to purchase insurance cover, while the existing customers are not finding it easy to renew their insurances. Operators, agents and all insurance stakeholders are seriously complaining of the hardship in the economy,” he said.

Since insurance is a business of integrity, he stated that the integrity of President Buhari, would in the long run, profit all sectors of the economy, including insurance industry, appealing to Nigerians to be a little bit patient with the current administration.

Insurance operators, he pointed out, are optimistic that the industry will grow in leaps and bounds, because of the commitment so far displayed by the Buhari-led government.

According to him, “Nigerians should just be a little bit more patient that the change they are clamouring for will soon go round the entire sectors and the insurance industry will be more active to participate in economic growth and development.”

The set up of insurance guidelines review committee by the Minister of Finance, Mrs. Keri Adeosun, he stressed, shows that the current administration is interested in insurance industry, hoping the ministry will ensure that the bill is passed into law, to change the landscape of insurance business in the country to the path of growth and profitability.

On her part, President, Chartered Insurance Institute of Nigeria (CIIN), Lady Isioma Chukwuma, said the industry is yet to feel the positive impacts of the Buhari-led government, because the country is passing through a tough time, and that people have no money to meet their immediate needs.

She noted that until the economy is buoyant enough, and that there is reduction in inflation rate and people have more disposable income, then, the impact of his policies would be positively felt.

“Where government should assist is in the area of awareness and sensitisation of the populace, because, it is when people are aware that they will buy insurance products and services,” she pointed out.

President, Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Kayode Okunoren, appealed to government to immediately commence the implementation of the 2016 National Budget which would definitely succour Nigerians. It is disheartening that up till now, at the expiration of the sixth month of the year, government has not started the implementation of the budget, he stressed.

Moreover, he said government needs to take insurance seriously in national discourse to create relevance for the industry.

Managing Director, Man-Mountain and Company Limited, Mr. Ayodapo Shoderu, called on government to embark on aggressive asset protection through public enlightenment about risk prevention and control in the country.

He challenged the President to start giving serious thoughts to strategies for growing the nation’s economy through the provision of infrastructural development and creation of jobs in order to enhance quality lives for Nigerians and by so doing increase their disposable income, so that people will have enough to budget for insurance cover.

Insurance industry in Nigeria, according to him, stands to play a catalytic role to national development if needed attention is given to it by the present administration.

According to him, “Insurance industry has the capacity to generate not less than 5,000 jobs annually, thus reducing unemployment rate greatly. I therefore suggest that President Buhari’s government should pay special attention to the insurance industry by eliminating all anti insurance practices across the strata of government. Among others, government must include insurance premiums in budgets of its agencies and encourage that all its insurances are insured against risks.”

Comments are closed.

Publisher Biz247News
The editorial team is an assemblage of dedicated professionals led by Wole Tokede who has about three decades of unblemished records in business and financial journalism.