Expert Says Exploring Retail s
Segment Will Grow Insurance Industry
An insurance underwriter, Mr. Tella Adekunle, on Tuesday said exploring opportunities in the retail segment of the insurance industry had huge potential to promote growth.
Adekunle, also a member of Chartered Insurance Institute of Nigeria (CIIN), said this in an interview with the News Agency of Nigeria (NAN) in Benin.
According to him, the level of insurance penetration and industry expansion need a lot of improvement to grow the sector.
“The retail segment of the insurance industry (micro-insurance) is waiting to be embraced unlike the corporate arm which accounts for more than 80 per cent of Gross Written Premium (GWP) in the country.
“The larger Nigerian population is yet to buy into insurance, just about three per cent of Nigerians have health insurance, imagine what can be done in this area.
“The GWP in Nigerian insurance space in 2021 was N630 billion, though about 22.5 per cent increase is nevertheless a far cry relative to the size of opportunities waiting to be tapped in a market like Nigeria,’’ he said.
Adekunle said also that insurers could leverage on the booming real estate sector to drive premium income upwards.
“Insurance of property help stimulate investment, create wealth and support economic growth.
“Buildings under construction insurance and insurance of public buildings are mandated by the insurance Act 2003.
“With a population of 1.2 billion, sub Saharan Africa has potential for insurance growth,’’ he said.
The underwriter urged insurance players in Nigeria to explore the opportunities in this part of the continent.
