The Commissioner for Insurance, Mr Sunday Thomas, has advised Nigerians to give insurance a prime place in their financial planning because of the crucial role insurance plays in their lives.
The commissioner who stated this at the 2023 Business outlook Conference organised by the Chartered Insurance Institute of Nigeria (CIIN) in Lagos said the Nigerian Insurance Industry has got the potential to be a major driver of advancing national development if government could reduce the burden from fundamental risks and catastrophes incurred by the people.
He said government often bears this burden through compensation to the people or rehabilitation of the people when disaster occurs due to lack of insurance cover on their side.
He said had Nigerians cultivated the habit of insurance policy coverage, government would not spend time and limited resources on compensating the people in time of need.
This year’s edition of the outlook has the theme Reshaping the Financial Sector: Emerging Challenges and Opportunities”.
He said insurance operators should make insurance part of financial services offering to the people.
Thomas reiterated that operators should incorporate insurance as an integral part of financial plans of individual, entities and businesses
He further noted that insurance as a risk mitigation tool prepares everyone for unforeseen circumstances and losses instead of enhancing unexpected borrowings.
The Naicom boss therefore charged insurance companies to take rightful place by not just supporting only from the back end but take the lead in financial planning of customers.
This, he said would increase understanding of the customers’ businesses and further the course and boost the financial status of insureds.
Thomas called on the insurers to come up with the right products that would do the magic.
