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Old Mutual advises Nigerians to embrace calculated risks
The management of Old Mutual General Insurance Company, a subsidiary of the Pan-African insurance giant and leading global financial services provider, has advised Nigerians to embrace insurance as means of mitigating all forms of risks in their lives and businesses.
Its Executive Director, Technical, Japhet Duru, in a statement said by embracing insurance, Nigerians can protect their finances in spite of the risk that abound.
Nigerians’ perception and affinity towards insurance, he said, has remained low in spite of Nigeria’s huge population, adding that
The importance of insurance as a risk management tool, he said, cannot be underestimated, noting that despite the critical realities, current trends show that Nigerians are yet to truly embrace insurance as a tool for risk management. At 0.3 per cent, Nigeria has a staggering low insurance penetration in comparison to counterpart markets in Africa – South Africa has 14.7 per cent; Kenya 2.8 per cent and Angola 0.8 per cent penetration rate.
He stressed that with an estimated population of over 196 million people and a growing middle class, the National Insurance Commission (NAICOM) reports that “only 1.8 million of our over 96 million adult population have any form of insurance”.
He added that in recent years, there has been an increase in incidence of natural disasters, terrorism, financial crisis and disease outbreaks that have affected the quality of lives. “In fact, as people venture into life’s daily routine at work, on the road and at home, their lives and properties are exposed to risks in various forms. Families have to deal with loss of loved ones, health emergencies caused by accidents or illnesses; home and property owners face the risk of burglary, flooding, fire attacks and building collapse; business owners have to deal with the risk of damage and theft to their business premises and assets. Vehicle owners are also faced with risks of motor accidents, aggravated theft and third party liabilities. Apart from the grief experienced with these risks, the resultant financial loss can be more destabilising.
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