The National Insurance Commission (NAICOM) and some experts have advised the youth and other Nigerians to imbibe the culture of subscribing to insurance policies to secure a brighter future.
Olusegun Omosehin, the Commissioner for Insurance (CFI), said in an interview in Abuja on Sunday that imbibing insurance culture would help expand opportunities in the sector.
Mr Omosehin said the Commission had signed a Memorandum of Understanding (MoU) with the Ministry of Youth Development to train one million youths in insurance.
He said the programme would sensitise youths with the knowledge and best practices to be able to participate in insurance and boost youth entrepreneurship.
The CFI said the programme would also provide opportunities for the youth, promote insurance awareness on social media, and boost the insurance industry in the country with impact across other sectors.
Mr Omosehin said the Commission was committed to the protection of policyholders in the business of insurance, saying it was one of its core mandates.
Sam Onyeka, the Lead Director of the Transparent Protection Limited/GTE, said insurance was not just about protection but also about resilience, ensuring that when disasters struck, there was a mechanism to recover losses.
Mr Onyeka said insurance was not just for the wealthy or large businesses but for traders, farmers, drivers, teachers, and the family man.
“The truth is, every Nigerian needs insurance. The type and scope of coverage may vary depending on one’s means and status, but the need for protection is universal.
“Start small if you must, but start whether it is health, life, motor, or business insurance; there is a plan suited to your needs and budget,” he said.
The programme would also provide opportunities for the youth, promote insurance awareness on social media, and boost the insurance industry in the country with impact across other sectors.
Chidike Ukoh, the National Secretary of the National Fish Association of Nigeria (NFAN), said the inability of some insurance companies to pay claims was one of the reasons why some farmers avoid keying into insurance.
Mr Ukoh, also the founding president of the National Youth Empowerment Association, urged the regulator to institute serious action on insurance companies to ensure prompt claims settlement.
He also called for an effective monitoring mechanism by the regulator to ensure that insurance companies paid claims as and when due.
Lilian Ideke, a civil servant and a policyholder, called for the recapitalisation of insurance companies to make them stronger and able to pay claims.
Andrew Adama, another policyholder, advised citizens to involve the services of an expert before buying into any insurance policy to understand the terms and conditions before subscribing to them. (NAN)
