The less than optimum patronage of insurance services by government and the public has pushed the insurance industry to make detours to the watershed of underwriting which is still a distance from the wetlands for insurance operations.
Elucidating on this, acclaimed economic consultant, chief consultant at B. Adedipe Associates Limited, Dr. Biodun Adedipe, (pictured) said government and its agencies need to raise the bar of insurance recognition as a formidable partner for economic development. This he stated, could be demonstrated by firmness in enforcement.
He said the response of government and its agencies needs more jabs, urging them to “put more firmness into enforcement.” He believes that will turn the corner and optimistically says, “then what we have today will change and the industry will create more value.”
Seeing insurance as an enabler of business ventures, Adedipe says, “when insurance sector is vibrant, it enables businesses and entrepreneurs to take risks which is part of the economic growth.”
Low insurance penetration a companion of insurance not only in Nigeria but across the continent he said, stems from the low level economic development poor awareness and trust deficit portrayed by the public as a draw back however, Adedipe says government can inflate need for insurance by showing by being up to need to its insurance obligations. “It needs to promptly pay premium; there is also need for flexibility and enforcement of necessary laws.”
For the insurance industry, he said the industry has obligation to provide adequate information to policy holders, prospective insurance customers and clients. Taking this as a hallmark of information offer, Adegipe challenges operators further, “If someone says because of religion, can we point them to the direction of takaful. People need to see that insurance is fundamental and important for growth. Globally insurance is becoming more important and Nigeria cannot be left out from this trend.” He spoke at the media parley with insurance journalists which his consulting firm jointly sponsored with Boff & Company Insurance Brokers Limited in Lagos.
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