#EndSARS: An Opportunity To Deepen Insurance Penetration In Nigeria - Ekerete Ola Gam-Ikon

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Tuesday, October 27, 2020 /4:00PM / Bukola Akinyele for WebTV/ Business World

 

The recent unprecedented violence that followed the nationwide protests against the excess use of force by the Federal Special Anti-Robbery Squad (FSARS) led to wanton destruction of businesses, social assets, and institutions.

 

Even the looting of shops and attacks on homes of prominent politicians and eminent personalities created tension and concerns about social instability. Management consultant and insurance expert, Mr. Ekerete Ola Gam-Ikon, said this in a recent discussion on the "October 2020 Violence and Opportunities for The Insurance Industry In Nigeria".

 

Gam-Ikon believed that effective communication of the value of insurance would boost activities in the industry and spur Nigerians to give it a priority.

 

According to him individuals, businesses, institutions, and corporations that were insured before the violence and carnage in Lagos and other cities occurred, will receive relief through insurance claims paid.

 

He said the biggest challenge for insurance companies in Nigeria is communication. Effective communication on a weekly basis through the regulator the National Insurance Commission (NAICOM) would go a long way in sensitizing citizens.

 

Gam-Ikon called on public relations and media experts in the country to support the campaign through enlightenment, acknowledging the role they can play in improving the visibility of the insurance business to different classes of Nigerians.

 

He also singled out micro-insurance as one of the segments that could be leveraged to improve the sector's penetration which is below 3% at the moment.

 

The Insurance practitioner called on  NAICOM to reposition its communications department to be dynamic, proactive, and digital-savvy leveraging social media platforms.

 

Looking at the Life Insurance Segment he called on every organization in Nigeria to align with the requirements of the law and provide Group Life Policies for their staff. For buildings that were destroyed and burnt down, he made a strong case for the strengthening of the insurance provisions for public buildings which is a law that has been in place for over 17 years.

 

He called for increased collaboration between NAICOM, Nigeria Insurers Association (NIA), and the National Council of the Registered Insurance Brokers (NCRIB) to aid the growth of the industry.

 


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