Abuja: The Executive Director of Trustlink Insurance Brokers, Mr. Amos Odeh, has raised concerns over the persistently low insurance penetration in Nigeria, which remains below one percent of the country’s Gross Domestic Product (GDP).
According to News Agency of Nigeria, Odeh expressed that while it may seem that many Nigerians have lost interest in insurance, the core issues lie in poor awareness, economic challenges, and a lack of public trust in insurance providers. He emphasized that the industry must work towards aligning the benefits of insurance policies with the everyday realities faced by Nigerians. Odeh highlighted that many citizens still do not fully grasp how insurance can shield individuals, families, and businesses from unforeseen financial setbacks.
He called for continuous public education and stronger engagement with underserved communities to address these issues. Odeh also urged the Federal Government to foster a more conducive environment for the insurance sector through supportive policies, better regulation, and economic reforms that could spur investment in the industry.
Another significant concern Odeh mentioned was the problem of delayed or disputed claims payments, which affects public confidence. He urged insurance companies to improve their claims response and ensure prompt settlements to rebuild trust among policyholders. Odeh asserted that companies must fulfill their responsibilities by paying claims promptly to restore confidence in the industry.
Furthermore, he argued that enhancing Nigeria’s economy would significantly contribute to increasing insurance adoption. Odeh advocated for reforms, recapitalization, and customer-focused innovations designed to deepen insurance penetration across the nation.