Why govt needs aggressive awareness for insurance in Nigeria

The Chief Executive Officer, Blackstone Capital, Elizabeth Kings-Wali has urged government at all levels to embark upon aggressive awareness regarding insurance policies in the country.

The CEO made this known to Nigerian Tribune recently while announcing the commencement of its brokerage firm called Blackstone Insurance Brokers Company.

Kings-Wali explained that this is imperative because there is little the private sector can do, citing the fact that insurance is compulsory in the western world.

Dr. Elizabeth lauded the lagos state government for insisting on insurance policies over houses in the state, but lamented the rate of enforcement.

She noted the importance of policies as it makes life easier in the event of unforeseen circumstances.

“Regarding the acceptance of insurance in the country, the government needs to do a lot because there is little the private sector can do. For instance, in the western world, you can’t do anything without insurance.

“I like the fact that in Lagos state it is compulsory you have your houses insured. It is not being enforced but only when there are issues. So, we need policies like that and not just the policies but enforcement.

“This is because insurance makes the life easy in terms of any eventualities.” She said.

Speaking on her new subsidiary, Kings-Wali revealed her company came despite the challenges of 2023.

She described her functions as a middleman who ensures that claims are made in the event of eventualities because insurance is wide.

“Despite the challenges of 2023, we birthed another company called Blackstone insurance brokers company towards the end of 2023.

“We are middlemen. You come to brokers for your insurance claims because the gap in insurance is very huge. We realise that it is a space we can play in and add our own value. It is huge; hence, we are not promising we are going to close it but the awareness needs to be there,” she said.

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