By Omobola Tolu-Kusimo
Insurance penetration in the country is at an all-time low and this is not favourable for the well-being of individuals, businesses and the economy, the Managing Director, Stanbic IBTC Insurance Brokers, Mr Anslem Igbo, has said.
He spoke during a webinar session entitled: “Insurance being a necessity: Securing the future, protecting what’s important” in commemoration of the World Insurance Awareness Day.
He said insurance plays a critical role in promoting economic growth and development by ensuring the efficient allocation of financial resources from the surplus to the deficit unit and ultimately bulwark for business sustainability.
He stated that in the best of times, the world is an uncertain place, characterised by numerous events that cause the loss of lives and properties with some events as man-made and others natural.
He said: “The Covid-19 pandemic for instance has thrown a wrench in the works and further complicated already complicated lives, creating a near precarious situation. There is no better time than now to emphasise the necessity for insurance, than when we commemorate the World Insurance Awareness Day.
“The insurance business is a unique one which enables clients effectively manage their risks. Such risks may include theft, accident, robbery, injury, man-made and natural disasters, and even death. Insurance helps to achieve peace of mind through risk transfer and efficient insurance claims.
“In response to bridging the adoption gap, the Stanbic IBTC group created the Insurance Brokerage business four years ago when the organisation began its full operations sequel to the granting of licence by the National Insurance Commission (NAICOM) in January of 2016. Our paramount focus has since been to address identified needs in the insurance brokerage sub-sector and ensure that Nigerians are adequately protected.”
Igbo urged Nigerians to take a step in the right direction by investing in insurance to protect their assets and valuables.
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