Despite efforts by stakeholders in the nation’s insurance industry to grow insurance penetration in Nigeria, and boost sector’s contributions to the Gross Domestic Product (GDP), the sector merely recorded 0.32 per cent growth in first nine months of 2017. “Quarter on quarter, growth in real terms stood at -11.67 per cent. The contribution of Finance and Insurance to real GDP totalled 2.69, lower than the contribution of 2.90 per cent recorded in the third quarter of 2016, yet lower than 3.32 per cent recorded in the preceding quarter,” the report said. Meanwhile, NAICOM has revealed plans to have an interactive session with major consumers of insurance products and services, to help understand their views, concern, and challenges about insurance products in Nigeria. The Director General, Chartered Insurance Institute of Nigeria (CIIN), Richard Borokini, who spoke to The Guardian on the development, said the sector’s major problem has remained lack of awareness of its value in Nigerians’ day to day living.

Source: The Guardian January 15, 2018 03:11 UTC