Insurance Penetration in Nigeria at All-Time Low—Anselem Igbo

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By Dipo Olowookere

The chief executive of Stanbic IBTC Insurance Brokers Limited, Mr Anselem Igbo, has said that the insurance penetration in Nigeria was currently at an all-time low.

Mr Igbo expressed this view when he addressed newsmen at a media parley held virtually on Monday, June 29, 2020, in Lagos.

The event was to commemorate the World Insurance Awareness Day and the discussions centred around Insurance being a necessity: Securing the future, protecting what’s important.

The insurance brokerage expert noted that the low penetration has a huge negative effect on the businesses and the economy as well as individuals.

“As of today, insurance penetration in the country is at an all-time low and this isn’t favourable for the well-being of individuals, businesses and the economy in general.

“The insurance business is a unique one which enables clients effectively manage their risks. Such risks may include theft, accident, robbery, injury, man-made and natural disasters, and even death,” the Stanbic IBTC Insurance Brokers chief said.

Though Mr Igbo acknowledged that the industry was battling with a trust issue, he stressed that this was not peculiar to Nigeria because many people from other countries find it difficult to embrace insurance.

“Trust in insurance occurs because people do not understand what insurance is and when you don’t understand something, it is difficult to be a part of it,” Mr Igbo said while responding to a question from Business Post during the parley.

Speaking further, he advised Nigerians on the importance of insurance so as to deepen its coverage in the country, emphasising that, “Insurance helps to achieve peace of mind through risk transfer and efficient insurance claims.”

Mr Igbo said he understands that some people may have refused to subscribe to any insurance problem because of the bottlenecks faced when filing for claims, he said his company takes time to advise clients on what product they should go for.

“Our solutions serve individuals and corporate entities, as well as existing customers and non-customers of the Stanbic IBTC Group.

“As insurance professionals with a vast knowledge of the workings of the insurance market, we can arrange the most suitable policies for our individual and corporate clients.

“There are various personalised insurance products and services which serve all classes of the society from individuals to groups, associations and large corporates.

“As Nigeria’s leading insurance brokerage company, Stanbic IBTC Insurance Brokers offers life, hope and support particularly in the wake of the current global pandemic.

“We will not relent in our effort to continually seek opportunities to help businesses, individuals and even the government boost resilience in these times. We remain keen on providing seamless solutions that suit diverse needs,” he said.

Mr Igbo urged “Nigerians to take a step in the right direction by investing in insurance coverage to protect their assets and valuables.

“With much excitement, I can tell you that our anticipated plan to improve our clients’ experience is gradually coming to fruition and you will be seeing some of these in the public space very soon.”

Stanbic IBTC Insurance Brokers is a member of the over 156-year old Standard Bank Group to which Stanbic IBTC Holdings PLC belongs.

The firm has continually built on its parent company’s brand strength-enhancing successful value-creation in its operations across Africa.

The CEO assured that, “We will continue to adopt global best practice in our operations, including exceptional quality of service and facilitating prompt payment of claims for our clients.”

Other executives of the company at the meeting, including Ms Sakeenat Bakare, the Executive Director/Business Development and Support Services; Ibiyemi Mezu, the Head of Business Development Division; Mr Ibraheem Kadiku, the Head of Underwriting; and Mr Adebisi Oresanya, the Head of Claims, assured Nigerians to get the best if they subscribe to any insurance product through Stanbic IBTC Insurance Brokers.

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