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Insurance

Pay more attention to emerging insurance portfolios, Expert advises insurers

An Insurance Consultant, Mr Mufutau Oyegunle, on Friday advised insurers to pay more attention to emerging insurance portfolios.

Oyegunle told the News Agency of Nigeria (NAN) in Lagos that insurers needed to pay more attention to emerging insurance portfolio, specifically micro-insurance.

According to him, micro-insurance is under utilised in the country compared to other countries.

“There is an available market for micro-insurance products which could be utilised by the industry to mobilise premiums to deepen the sector’s impact on the economy.

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‘’But the citizens at grassroots are not fully captured into insurance net.

‘‘Housewives are major components left untapped. If insurance industry could capture housewives through micro-insurance, insurance would become a household name.

‘‘Which housewife would not want a cover against fire or hot water incidences.’’

He said other people left behind included mechanics and artisans.

Oyegunle added that micro-insurance, if given attention, would deepen market penetration and financial inclusion.

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While commending the National Insurance Commission (NAICOM) for its efforts at reviving the sector, the consultant said there were more to be done.

Oyegunle called for prudent policy initiatives and measures to improve insurance penetration which was currently below two per cent.

‘‘In this direction, there is need for new legal and regulatory framework that has provisions on emerging insurance portfolio such as micro-insurance.

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‘‘The new legal and regulatory framework would guarantee the deepening of insurance penetration and access to financial services.’’

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