Traders and the general public were jointly and profusely pointed to insurance literacy and consumer protection at the same time, beaming into their knowledge not just the need to embrace insurance to protect their businesses and wealth but also to drench them with enforcing their rights in insurance transactions.
On the trail of the public education on the importance of insurance and accompanying consumer protection were the United Nations Development Programme (UNDP) and the National Insurance Commission (NAICOM), and it was situate at Wuse Market, Abuja, Tuesday, February 11, 2025. The campaign, tagged “Insurance Literacy And Consumer Protection Campaign: A UNDP (Nigeria) Project 2025,” was aimed to enhance financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion.
The UNDP representative, Mrs Bukola Ifemade said the organisation attached great importance to the campaign because it could be the hedge to ubiquitous fire losses and other risks that the traders and the public were daily exposed to but not protected by insurance. The curious traders were informed about policies that fit their trade risks like fire and special perils, which compensates traders for losses caused by fire, storms, floods and impact on vehicles and animals. Another risk that the traders could transfer to insurers is goods in transit, which provides immediate financial compensation for losses or damages during transportation.
Also making a mark at the event was accident Insurance, offering financial compensation for injuries or deaths resulting from accidents. While life Insurance they were informed, was a vital tool for leaving inheritance for dependents in the event of untimely death.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, represented by Mr. Kenneth Aroh, emphasised NAICOM’s core mandate to protect policyholders and regulate the insurance industry. While other participants, the Nigerian Council of Registered Insurance Brokers (NCRIB) and the Nigerian Insurers Association (NIA), provided guidance on purchasing genuine insurance policies and verifying their authenticity.
Representative of the NIA, Mrs Toyin Akinmoya explained to the participants how to verify a genuine insurance policy by visiting www.niip.ng or www.askiid.ng.
Featured picture: L-R: Mrs Grace Arinze (UNDP) Mr Kenneth Aror (NAICOM) Mrs Bukola Ifemade (UNDP Consultant) Comrade Ali Paul (Wuse Market Executive) Mr Richard Ojo (NCRIB, Mrs Toyin Akinoya (NIA) at Wuse Market Campaign
