Insurance Sector Targets 40m Financially Excluded Nigerians

Insurance sector are committed to ensuring that more than 40 million Nigerians who are excluded financially, are empowered and brought into the system through insurance. The President of Institute of Loss Adjusters (ILAN), Alhaji Femi Hassan, said in Lagos on Monday at a media briefing that the Insurance Industry Consultative Council (IICC), the umbrella body for all insurance institutions in the country, are committed to the project.

The Insurance Industry Consultative Council (IICC) is the umbrella organization for all insurance bodies in Nigeria. It is made up of the regulatory body for all insurance practice in Nigeria, National Insurance Commission (NAICOM); The professional body for insurance practitioners, Chartered Insurance Institute of Nigeria (CIIN); The three trade associations for underwriters, Nigeria Insurers Association (NIA); brokers, Nigerian Council of Registered Insurance Brokers (NCRIB); and loss adjusters, Institute of Loss Adjusters of Nigeria (ILAN).

“The 2012 Enhancing Financial Innovation and Access (EFInA) survey revealed that 40 million adults are still  financially excluded,” Hassan said.

The hurdle above, according to Hassan, had prevented many adults from contributing maximally to national development.

Hassan said the authorities would make insurance services accessible and affordable to all individuals and businesses irrespective of networth and sizes.

On the forthcoming National  Insurance Conference, Hassan said the financial exclusion would be addressed at the conference scheduled for Abuja from July 8 to July 10.

He said the theme of the 2018 conference is “Insurance Industry and Financial Inclusion”.

Hassan,  who is the Chairman of Planning Committee, said the conference would highlight stakeholders’ roles in attracting financially excluded Nigerians into financial sector using insurance.

According to him,  the survey made the Central Bank of Nigeria to launch the National Financial Inclusion Strategy (NFIS) in October 2012.

“The aim of NIFIS  was to reduce the number of Nigerians that are excluded financially and get them empowered, promote savings, increase investments and income among others.”

He stressed the need to boost  insurance industry’s contributions to the Gross Domestic Product (GDP).

Hassan said Vice-President Yemi Osinbajo had accepted to open the conference, while the Minister of Finance, Mrs Kemi Adeosun, would give a keynote address.

He added that the CBN Deputy Governor in charge of financial stability, Miss Aishah Ahmad is expected chair discussion session.

Mr Mufutau Oyegunle, the Vice-Chairman of the committee, also said at the briefing that the insurance industry would stop at nothing to increase its contributions to the nation’s GDP.

He expressed the hope that insurance penetration would increase from the present  0.07 per cent after the conference as many Nigerians would be sensitised and encouraged to take up insurance policies.

June 26, 2018