Insurance Is Biggest Cure To Poverty – Adeosun Urges Nigerians

Adeosun Tell Nigerians To Get Involved In Insurance

Mrs Kemi Adeosun, Minister of Finance, has urged Nigerians to ensure to take one insurance cover or more to protect themselves against eventualities of life and also enhance the sector’s contribution to the country’s Gross Domestic Product (GDP).

This she said at the 2018 National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) held in Lagos on Thursday, Naija News learnt.

She said insurance which remains the biggest cure to poverty alleviation, has been neglected by many in the country.

She stated that living without insurance can amount to building on a shallow ground.

The theme of 2018 conference is: “The Role of Stakeholders in Developing Insurance & Pension Sectors.”

Adeosun stated that insurance is the key to wise financial planning among all Nigerians, including grassroot dwellers.

She urged citizens to key into the various economic developmental initiatives of the National Insurance Commission (NAICOM) to develop a solid financial plan.

Adeosun, who was represented by the Deputy Commissioner for Insurance, Finance and Administration, NAICOM, Mr George Onekhena, said excuses of non-payment of claims used by Nigerians to avoid insurance policies amounted to “self deceit.”

She further advised that citizens should make adequate inquiries on insurance policies before subscribing to them.

She said anyone in doubt could engage the services of insurance brokers for professional advise.

“Moreover, nobody knows the day of his or her death and it would be disastrous for anyone to leave dependents without benefits.

“Insurance is the foundation for every wise financial planning,”she said.

She also said the greatest challenge facing the insurance sector, which was common to the pension sector, was that many people hardly inform others when they benefited from the sector.

“A clear example is the quantum of retirement benefits paid on monthly basis by Pension Fund Administrators (PFAs) to retirees and the quantum of claims paid yearly by insurance firms.

“For instance over N76 billion insurance claims were paid in 2014, close to N90 billion claims were paid in 2015 and over N105 billion claims paid in 2016.

“Rather people react when claims or benefits are not paid,” she said.