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Institute to Revive Campaign to Deepen Insurance Penetration

The Chartered Insurance Institute of Nigeria (CIIN), on Monday said it would step up its campaign to attract more Nigerians to embrace Insurance to protect their property in 2019.

The President of the CIIN, Mr Eddie Efekoha told the News Agency of Nigeria (NAN) in Lagos that less than three million Nigerians had no type of insurance cover.

He said the campaign would enlighten Nigerians and assist them to take up insurance policies.

According to him, the campaign will also tackle financial exclusion and other related challenges.

Efekoha said that in spite the long existence of insurance in the country, its penetration had not grown beyond 1.19 per cent.

He said that as part of the agenda to commence the campaign, the institute would pay homage to traditional rulers of some towns and cities.

The CIIN president explained that the essence of the courtesy visits was to enable the institute receive royal blessings and permission to embark on the campaign in their domains.

According to Efekoha, the campaign is expected to boost insurance penetration by 300 per cent before the first quarter of 2020.

“The boost will also engineer the insurance industry to increase its quota to the country’s Gross Domestic Product (GDP),’’ he said.

The CIIN president said that the institute had already paid homage to His Royal Highness, Olubadan of Ibadan, Oba Saliu Adetunji in Dec. 2018 to solicit his support for the campaign.

“Other cities slated for visits by the institute include Oyo, Ilorin, Ado-Ekiti, Lokoja, and Okene among others,’’ he said.

Efekoha further said that for insurance to be viable like others sectors of the economy, stakeholders must also embrace retail insurance business that has been neglected.

According to him, operators have over the years abandoned the insurance retail market thinking that there is no business in the sector.

“However, they forget that people within the bracket contribute more to the economy,’’ he said.

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