With increasing need for insurance amidst growing risks in the economic and social environment, the need for the public’s to embrace insurance as fallback position and risk management tool cannot be overemphasised. The development, experts say must be taken seriously by government and individuals otherwise the level of economic waste and social disorder would get worsened with time.
According to experts, the growing incidents of kidnapping, terrorism, political violence, natural disasters and flood which have become pronounced more in recent times in many parts of the country are clear signals that the masses must appreciate insurance in order to live a more secured life.
Insurance, the expert pointed is the only organised means of wealth protection because it has the potential to come handy in the event of loss to provide succor and enable victims and their dependants continue their lives thereafter.
Dotun Onipede, executive director, Business Development and Strategy, A & G Insurance plc who made the observations during its Company’s Insurance Awareness Campaign in Lagos said firms must increase their responsibility to educate the masses if there must increased penetration.
A & G Insurance Plc recently embarked on a road show to boost insurance awareness. The level of insurance penetration currently put at less than one percent is because of lack of awareness, not because Nigerians do not like insurance.
“With the various developments taking place all over the world, including Nigeria, the relevance of insurance cannot be ignored. Nigerians must know that insurance is important. They cannot do without it,” he said.
Onipede added that “at such a time like this, it has become imperative for insurance companies to create awareness for insurance, stating that A & G Insurance is leaving no stone unturned in the campaign.”
The road show tagged ‘Insurance and You’ covered major streets in the ever busy Lagos Island.
