Nigerians need Insurance more during economic recession – NCRIB boss

The Nigerian Council of Registered Insurance Brokers said the council has come to a realisation that citizens need insurance more in this period of economic challenges than in period of plenty.

The President of the Council, Mr Kayode Okunoren told journalists in Lagos on Friday that it is more challenging to replace lost assets during economic challenges.

He noted that the council has set up a ‘Financial and General Purposes Committee’ to continue to create public awareness on insurance broking.

The council also urge the federal government to factor insurance into its calculus of economic recovery. It also charged the industry to sustain its campaign on insurance awareness in the country.

Okunoren also eulogised the efforts if National Insurance Commission and the Nigeria Insurance Association for re-energising the campaign towards the enforcement of compulsory insurances in Nigeria as enshrined in the section 64 and 65 of the Insurance Act.

According to him, “This effort will enhance the contributions of the Insurance industry to the nation’s Gross Domestic Product (GDP) as well as reduce the exposure to risks by members of the public.”

Speaking further, the council president lauded the efforts of the federal government on Naira appreciation.

He noted that the recent gain of the Naira against the dollar and other foreign currencies have brought joy to a lot of Nigerians.

He stated: “It is heart-warming that in the last few weeks, the Naira has been appreciating against other foreign currencies, bringing a little succour to Nigerians.

“To all intents, the efforts of government through the Central Bank of Nigeria (CBN) in this regard are quite commendable.’’

He urged the government to sustain the efforts in this direction as it will play pivotal roles in leading the country out of the current economic recession.