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The Economy & You

The Economy and You (Babatunde Thomas)

Thu 7th Apr 2016

The general belief that insurance is a smart way of extorting money from the people because of dubious practices that is prevalent in the industry, has immensely affected the development of insurance in Nigeria. It is believed that insurance practitioners, especially the brokers, will need to do more in the area of educating the public on the numerous benefits of insurance products and how such benefits can be harnessed. Despite the lack of awareness however, a very large percentage of the insurance business is handled by insurance brokers in Nigeria. Recently, the regulatory body, NAICOM’s ,intervention in failing insurance institutions – through Enforcement and Compliance unit , has been able to sanitize the system and establish Financial Safety and Stability and this has helped in developing both the industry and the economy through innovative policies. Hence, Insurance Brokers in Nigeria are becoming more needed and are beginning to understand what they need to do in order to better assess the necessities of the people and to debunk the notion of insurance, being nothing but a scam.

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