In a bid to developing an integrated behavioural change to enhance the efforts made by the National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) to bridge the knowledge, experience and perception gaps in the Nigerian insurance market, African Reinsurance Corporation (Africa Re) has launched an Awareness Campaign.
Mr. Ken Aghoghovbia, Deputy Managing Director, Africa Re, who disclosed this at a press conference in Lagos over the weekend, noted that the awareness campaign is aimed at increasing insurance penetration and acceptance in Nigeria and the rest of Africa continent.
Promising that the campaign will correct the negative and prevalent perceptions plaguing the industry, he added that this move will equally drive penetration and density as well as grow insurance culture across the country.
The campaign intends to also enlighten the public on credible insurance partners, i.e. how to get and enjoy the benefits of insurance in Nigeria.
Stating that his company decided to invest in creating awareness about insurance because it realized there is a dearth of knowledge among the general populace, he pointed out that the motive is to deepen the knowledge about insurance and advantages therein.
According to him, “This is in spite of the fact that as a reinsurance company, we only deal with insurers/reinsurers and not with individual beneficiaries of insurance policies. The campaign is going to be a multi-media one.”
Stating the philosophy behind the initiative, he said the constant fire outbreaks in market places across the country that is putting an end to the dreams of uninsured traders, and many children who dropped out of school following the death of their breadwinners as well as most uninsured vehicles plying Nigerian roads, prompted the need to increase insurance awareness to correct the aforementioned ills, which, he said, could be avoided if individuals were aware of the benefits of insurance.
“The corporation is well positioned to guarantee that insurers will fulfil their roles in African markets. Yet, we keep witnessing fire outbreaks, putting an end to the dreams of uninsured traders. We have also witnessed many children unable to complete their education following the death of their uninsured breadwinners.
“NIA reported that only 4.3 million of about 12 million vehicles on Nigerian roads have genuine motor insurance and this is validated by the number of fights between drivers in events of vehicle accidents. All these could be avoided if individuals were aware of the benefits of insurance,” he pointed out.
Meanwhile, the company, after 40 years of existence, recently changed its logo to associate Africa Re with outstanding quality, trustworthiness and credibility.