Chartered Institute says insurance penetration below 1% in Nigeria

Chartered Institute says insurance penetration below 1% in Nigeria
United Bank for Africa

The Chartered Insurance Institute of Nigeria (CIIN) says that insurance penetration in Nigeria is below one per cent.

Mrs Isioma Chukwuma, the President of CIIN, made this known on Thursday at the ongoing “e-Insurance Conference 2017’’ being held in Lagos.

The theme of the conference is “ Insurance Education: Ensuring Curriculum Compliance with Modern trends in Information and Communication Technology (ICT)’’.

Chukwuma said that there was the need for ICT to be inculcated in the insurance curriculum of higher institutions to increase the profitability of businesses in the long-run.

“ICT is an enabler in many field and as such, insurance will not be left out in taping into it to make sure that the industry makes its impact in the country,’’ she said.

She attributed the level of service delivery in the industry as one of the problems affecting insurance penetration in the country.

According to him, the present curriculum of insurance programmes in schools does not cover the current trend.

“ICT training being included in the insurance curriculum will give the students the leverage to learn the various applications that will aid them in future.

“It will also save the industry from training its members of staff because they have already acquired the skills from the institutions,” he said.

Prof. Ade Ibiwoye, the Head of Department, Actuarial Science and Insurance, University of Lagos said that the universities were constrained as regards drawing up curriculum.

“In drawing up curriculum, instructions are gotten from the NYC on how it will be done and this does not help the growth of the profession.

“There should be focus on these areas; product development, marketing and claims administration for the industry to make its impact,’’ he said.

Prof. Ademola Omojola, University of Lagos said that there was no demographic data in the country that would help model insurance.

“There is need to take the vulnerability factors, climate change to know when the risk is becoming higher.’’

Mr Sunday Thomas, the Director- General of Nigeria Insurance Association (NIA), said that there was the need for government to enact good policies that would make insurance appeal to people.

Thomas was represented at the occasion by Bola Omole.

“Not only does government need to enact policies, it should ensure that it is enforced.

“ICT is an enabler that will enhance the insurance industry but there is need to go back to the basis to see that there is progress,’’ she said.