Orji Calls for Establishment of National Insurance Inclusion Policy Initiative 

Ebere Nwoji

The  Managing Director, Chief Executive Officer, KBL Insurance Limited, Mrs. Ukachi Orji has called for the establishment of a national insurance inclusion policy initiative, that will focus on repositioning insurance as a viable tool for economic growth and development. 

The Insurance Inclusion Initiative,  according to the KBL Insurance boss, will be an all stakeholders’ commitment to accelerate the access of the uninsured communities to affordable mainstream insurance subscription, particularly for the compulsory products with managed premium payment strategy.

 She  stated this at  the company’s  Quarterly Performance Review (QPR) held in Lagos.

She recalled that Central Bank of Nigeria and the National Financial Inclusion Governance Committee in the banking industry just a few years ago, had launched a policy document, focused on accelerating financial inclusion in the country, for the industry.

She said this was already yielding rewards for banks in Nigeria. 

“Such initiative, which has continued to assume increasing recognition globally, can also be adapted in the insurance industry, for which I think every stakeholder would have something to be happy about”, Orji opined.  

She said despite economic challenges and difficulties experienced after  the COVID-19 pandemic, insurance companies in Nigeria had however, mustered efforts to reward investors. 

“In 2022, the volume of business written by member companies of Nigeria Insurers Association (NIA) grew to about N726.2bn, which was estimated to be an increase of  33.9 per cent, over premium income of N569.1bn recorded in 2021. KBL Insurance Limited, in its performance had grown its profit by 33 per cent” she stated.

Also speaking, the  Executive Director, Business Development and Technical, KBL Insurance Limited,  Mr Charles Ajawuihe  listed factors responsible for low insurance penetration in Nigeria.

According to him, prominent among these are  lack of commitment and low budgeting for serious public awareness initiatives and advertising by practitioners, lingering economic downturn, religious beliefs and poor policy implementation by respective regulatory drivers among others.

He called on practitioners, to review these situation and  move the industry to the next level.