Business

Expert commends CIIN for its effort on insurance awareness

An Insurance expert, Mr Mufutau Oyegunle, has commended the Chartered Insurance Institute of Nigeria (CIIN) on its recent efforts to ensure insurance is accepted by many Nigerians.

Oyegunle, who is the Managing Director, LAKEG Insurance Consult, gave the commendation in an interview with journalists on Wednesday.

He said the institute, aside its mandate of fostering insurance education, was heightening insurance penetration crusade.

Oyegunle explained that lack of awareness about the pivotal role insurance could play was a major challenge opposing the growth of insurance business in the country.

The expert said that if insurance penetration had been higher than its present percentage, the huge premiums generated could be used for infrastructure development instead of obtaining external loan.

He said that in spite of the long existence of insurance business in the country, its penetration had not grown beyond 1.19 per cent.

Oyegunle said the visits paid by the Council members of the institute to traditional rulers elucidated the urgent need for the monarchs to support the industry.

“The Council members of the institute had paid homage to Olubadan of Ibadan, Oba Saliu Adetunji in December 2018 to solicit his support for the campaign,’’ he said.

He said that the Council of the institute also in January took the crusade to Delta State and canvassed for the state government’s support on the need to teach insurance as a subject in secondary schools in the state.

The institute has also taken the crusade to Oyo, Kwara, Ekiti, Ogun, Ondo, among others.

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