• Tuesday, June 18, 2024
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BusinessDay

Almond’s push for insurance awareness gets a boost with stake for consumers

Insurance market gets breather on pricing as fire risks turn nasty

Almond‘s effort to increase insurance awareness and deepen market penetration with stakeholders participation has received a boost with increasing stake for consumer participation.

The insurance consumers now have the right to participate and make choices of the companies and players that are not only providing unique services but have outperformed competition.

This is an addition to the 2024 Annual Almond Insurance Industry Awards that has just been flagged off. The annual Awards is aimed at rewarding the “Can Do Spirit” of the men and women in the various arms of the Nigerian Insurance Industry who daily push boundaries to sell insurance despite the low acceptability and low purchasing power of many Nigerians.

While Insurance awareness and penetration is still low, Insurance practitioners are making steady gains by way of Gross Premium income which has hit N1 trillion as at the end of 2023. The 2024 edition tagged #Reinvent Edition will once again bring together policy makers, insurance practitioners, top rated entertainers in Music and Comedy, paramilitary and the insuring public in an atmosphere of fun and relaxation.

The 2024 Awards billed to hold in November have shortlisted categories as: Insurance CEO of the year; Insurance Woman of the year (Insurer or Broker) ; Life Insurance Company of the year; General Insurance Company of the year; Insurance Broker of the year ; Insurance Broking Company of the year; Takaful Company of the year; Micro Insurance Company of the year; Most valuable Insurance Customer of the year, among others.

Read also: Essential guide to Schengen visa travel insurance for Nigerian citizens

Prisca Soares, chairman of the wards Committee and the immediate past secretary general of the African Insurance Organization (AIO) speaking on the award said, we have put in place a safeguard to ensure that the winners emerge based on quality voting and available data from the insurance industry regulatory authority.

Soares said Almond is bringing insurance to limelight because even the consumers have been brought to be part of the process, giving them opportunity to express their mind and their impression about the service providers.

According to her, insurance is a hard sell despite that it is an essential product that people needs, so this award is recognising those who have gone the extra mile to deepen penetration and grow the market despite the tough operating environment.

“Buying insurance is not a priority for most spenders given the economic environment, so this is to reward those who have gone the extra mile to break the barriers, she said.