Africa Re deepens insurance market with awareness campaign

Africa Reinsurance Corporation has said it is embarking on a major insurance awareness campaign as part of its repositiong efforts to guarantee that insurers fulfil their roles in the African markets.

Currently, insurance penetration in the country stands at 0.3 per cent, only 4.3 million vehicles have genuine motor insurance covers out of about 12 million, this is unhealthy for the growth of the Nigerian economy, the Chief Executive Officer, Africa Re Corporation, Ken Aghoghovbia said at a press briefing in Lagos, at the weekend.

Even more worried by this, the reinsurance company pledged its continuous support to fostering the development of the insurance and reinsurance industry in Africa through the awareness campaign

The CSR initiative will bridge knowledge perception gaps in the insurance market, just as it would correct negative and prevalent perceptions plaguing the industry, the added.