We must take advantage of knowledge-based economy to drive insurance – LCCI

Zainab Iwayemi

The Lagos Chamber of Commerce (LCCI) has pointed out the need to leverage the knowledge-based economy as a tool to improve insurance penetration in Nigeria.

Gboyega Olanbiwoninu, the chairman of the insurance trade group of LCCI disclosed this during the virtual yearly insurance forum aimed at tackling the challenges surrounding the growth of the insurance industry.

Noting that the insurance penetration is less than one per cent, Olanbiwoninu pointed out the need to look into some of the reasons the insurance industry has been unable to meet up with others – who have witnessed higher penetration rate despite not having a vast population as much as Nigeria – and how the growth trajectory could be changed.

According to him,  he said, “We must take advantage of global direction towards a knowledge-based economy, which means that services, including insurance, are delivered with speed and without losing the content of ethics and integrity, which are the hallmarks of the profession.”

In the view of Sunday Thomas, Commissioner for Insurance,  he said the commission, in its effort to ensure growth in the industry, has put in place essential ingredients not limited to the present. “we are looking at guideline restructuring, technology and devices and governance issues. I think all these are pointers that we are ready for the future because we know that what we are doing now, both as operators and regulators, will not take us far,” he said.

Similarly, Olabode Ogunlana said insurance plays a major role in the economy in terms of protecting and conserving the wealth of the nation and creating additional wealth.

He said, “As of now, insurance penetration of the economic and social life of the nation is abysmally low. This is where the task of breaking new frontiers should begin. How many individuals in Nigeria know what insurance and its values to homes and the society as a whole are?”