Nigerians not reaping full benefits of insurance —NIA

Chairman of the Nigerian Insurers Association (NIA), Olusegun Omosehin, has said Nigerians have not accepted insurance as a life necessity because insurers have not been able to explain insurance to the public.

This description of the state of embrace of the insurance industry points to the way not taken in the sale of insurance policies to the public.

Omosehin, who put this clear at a recent media briefing, said there is a thin line between clear and down-to-earth explanation in the presentation of insurance to the people and straight jacket explanation that does not resonate with the people.

He noted that once the people don’t see the connection, the next line of action is to disconnect and the disconnect he observed sadly has become the common act by the public.

Omosehin said he had a great opportunity to bring insurance to meet merchants at Okoba abattoir several years ago and after explaining the benefits of insurance and at that meeting, almost all of them made up their mind to purchase insurance as they matched their promise with purchase afterwards.

According to him, he explained to them that insurance is the best gift a common man could give to his family because in the event of his demise they are protected from the vagaries of life and society gaps.

He let them know that they might not be millionaires while they are alive but their family stands to be millionaires after their demise and have the guarantee of going to the best universities in Nigeria.

Omosehin said he felt challenged that industry practitioners have not been able to break the jinx for people to get clear understanding of the value that insurance offers.

He said, “We are putting so much value on the table yet people cannot understand it. In fact if there is anytime people should buy insurance, it is now. This is the time you can actually get value on those policies with very minimal amount.”

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