An professional and Head, Company Communication, Polaris Financial institution Restricted and President, Affiliation of Company & Advertising and marketing Communications Professionals in Banks (ACAMB), Mr. Rasheed Bolarinwa has mentioned, “There’s a want for a deliberate collaborative marketing campaign for nationwide consciousness concerning the significance of insurance coverage.
Bolarinwa, who spoke on the 2022 Insurance coverage Trade Consultative Council (IICC) Media Retreat additionally referred to as for the creation of a devoted collectively owned media automobile by all stakeholders within the nation’s insurance coverage business that may function information company on insurance coverage content material for sharing with different media homes.
Delivering the theme paper, “Media As Catalyst For Insurance coverage Inclusion,” on the occasion organized for members of the Nigerian Affiliation of Insurance coverage and Pension Editors (NAIPE) on the weekend in Ijebu Ode, Ogun state, he mentioned, “A devoted collectively owned media automobile ought to be created by all stakeholders to function a information company on insurance coverage content material shared with different media homes.
“Regulatory our bodies within the Nigerian insurance coverage business are anticipated to associate the Nigerian media business in the direction of creating a various and inclusive newsroom; that has content material improvement and protection technique that builds viewers belief in insurance coverage and supplies for a greater illustration of various societies.”
Talking on points militating towards insurance coverage penetration in Nigeria, Mr Bolarinwa talked about doubts about insurance coverage corporations, hostile financial system, belief points emanating from hidden clauses, insufficient entry to Info Expertise, weak regulatory framework, lack of expert personnel and poor consciousness of insurance coverage providers by the possible assured, amongst different elements.
He mentioned ”The response that follows the point out of insurance coverage or insurance coverage corporations to a median Nigerian is predictable. Detrimental reactions and lukewarm angle are the sorts of feeling that include an invite to insurance coverage insurance policies. This knowledgeable the low patronage and acceptance of insurance coverage corporations working in Nigeria.
“This untoward response and angle by Nigerians might not be unrelated to the poor angle of the insurers in the direction of the usually repeated refrain of refusal to pay claims. Some insurance coverage corporations have actually developed a nasty fame for defaulting within the fee of claims. This sadly grew to change into a adverse public emblem that hangs beside their company identities. Invariably, the business and the nation’s depleting Gross Home Product (GDP) are massive losers.”
Whereas giving kudos to the business for paying enormous claims on losses suffered by tens of millions insured, Bolarinwa mentioned “Issues have modified although as underwriters have paid and are nonetheless paying enormous claims on losses suffered by tens of millions of insured that we learn day by day within the media.”
On how the hostile financial system is affecting insurance coverage business, Bolarinwa mentioned “At this second, insurance coverage corporations are usually not prepared to take a position the premiums in long-term devices due to the concern of inflation constructed up over a number of years as a result of fiscal indiscipline and excessive inflation. Everyone is aware of in economics that short-term funding can solely deliver decrease returns. With these developments, insurance coverage corporations will solely have the ability to run on the spot; underwriters wouldn’t have the ability to pay claims. Solely a viable financial system that has a sturdy enterprise setting can permit insurance coverage corporations to thrive.”