Governor Abiola Ajimobi of Oyo State says many Nigerians are yet to understand what insurance is and how it works.
Ajimobi made the assertion on Thursday while playing host to the leadership of the Chartered Insurance Institute of Nigeria (CIIN) led by its President, Mr Eddie Efekoha, in Ibadan.
The visit was to keep the state abreast of the institute’s forthcoming 46th Education Conference with the theme: “Increasing Insurance Penetration through Value Creation’’.
The education conference is a-three day programme holding from Nov. 8 to Nov. 10 at the Premier Hotel, Ibadan.
Ajimobi, represented by his Deputy, Chief Moses Adeyemo, said that insurance was not well accepted in the country compared to other developing and developed countries due to lack of knowledge.
“Insurance is as good as any bank product, and if properly promoted, it will contribute better quota to the country’s Gross Domestic Products (GPD).
“I urge the CIIN to intensify its insurance awareness and enlightenment programmes to ensure that insurance penetrates all households to attract more Nigerians.
“As insurance professionals, it is your duty to ensure that Nigerians understand insurance and the pivotal role it plays.
“You must also adjust your strategies to attract Nigerians into insurance net, even if it involved returning some of the premiums collected,’’ he said.
The governor also urged insurance practitioners to improve on the claims payments to change the citizens’ wrong perception toward insurance.
