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Religious, cultural beliefs hampering insurance access in Nigeria, NAICOM laments

The National Insurance Commission (NAICOM), says cultural, religious and traditional beliefs are some of the factors hindering most Nigerians from keying into insurance policies in the country.

The Spokesperson for NAICOM, Mr Rasaaq Salami told newsmen in Abuja on Thursday, that the commission would improve its awareness creation to educate Nigerians on the need to take up insurance.

According to him, we stress the need for people to take up insurance and cover their risks because it pays better to transfer your risks to somebody else.

“People tend to see insurance as something that is not on their priority list due to one thing or the other.

“Some are traditional, cultural, religious and the issue of adequate awareness.

“Most people are aware of insurance but for one reason or the other, they do not buy into it even among the educated.

“Even within the insurance sector, there are workers that do not even take insurance but they sell insurance.

“It is a problem that the commission is aware of and it is doing its best to see how to create awareness in this regard.

“At every opportunity, we stress the need for people to take insurance knowing that whatever happens, you are covered,’’ he explained.

The spokesperson also emphasised the need for government at all levels to insure their properties, especially public buildings to reduce losses experienced by citizens in event of fire outbreaks.

On recapitalisation of the insurance industry, he said the commission did not object to the recapitalisation plan of 44 companies.

“For those whose recapitalisation plan did not agree with the commission’s template, we sent them back to re-work and bring back and some of them have already done that.

“I think we are moving in the right direction, I want to believe that the recapitalisation process will go on smoothly.

“We want at the end to have a successful and fully recapitalised industry that is financially strong and able to respond promptly to settlement of claims,’’ he said.

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