LAGOS, JULY 25, 2016 – The new chairman of Nigeria Insurers Association (NIA), Mr Eddie Efokoha, on Monday assured that there would be an improved insurance penetration for the 2016 financial yearThe NIA chairman said this in an interview with News Agency of Nigeria in Lagos.
The chairman added that in spite the high population of the country, insurance penetration still remained poor.
He said in July 2015, the country’s penetration stood at 0.6 per cent compared to other countries like South Africa, Namibia and Kenya which were 15.4, 7.7 and 3.4 per cent respectively.
He noted that the country’s insurance penetration that remained at 0.6 per cent was maligning the industry’s contribution to Gross Domestic Product (GDP).
Efokoha said the reform would encompass components that would empower the companies meet the trends in the changing environment.
He said the constitution would also enable door to door campaign on pivotal roles insurance could play in a person, family, market and economy development.
“The reformation will ensure that quality ethical standards are raised among practitioners,” he said.
The NIA chairman said though the companies were not isolated from harsh developments in the global spaces, insurance penetration might hit 5 per cent or more by year 2020.
Efokoha urged the Federal Government to take insurance industry more serious as it was capable of producing over 70, 000 jobs annually.
“There is also need to enact laws that mandate employers with staff strength as low as three to get insurance cover for them,” he said
