ABUJA – An insurance expert, Mr Kingsley Opurum, on Friday in Abuja said that lack of awareness on the importance of insurance products had hindered the sector from thriving in the country.
Opurum, Programme Officer, Transparent Protection Limited, an NGO, said this in an interview with the News Agency of Nigeria (NAN).
“The reason most traders do not subscribe to insurance is due to lack of awareness creation; most of them are not enlightened and they are not aware of the importance of insurance.
“ Even if they are aware of insurance policies, they are not very knowledgeable about the various insurance products.
“ And that is why there is need to deepen awareness about insurance because it is the best way to make it penetrate across the nation.”
Opurum said it was important for traders to buy into insurance products that would secure their businesses in case of unforeseen circumstances.
He explained that in a case of fire outbreak, vandalism, theft or demolition, an insurance policy holder would not go out of business as the insurance company would cater for his losses.
“ If you do not buy insurance and unfortunately something happens to your shop, the shock of losing everything you have can kill you.
“ But there will be no cause for alarm when your business is insured, because the insurance company in which you have insured your business will take care of that damage which is called indemnity.
“ They will indemnify everything that you have lost and that is why insurance is important,’’ Opurum said.
He said Nigerians had not seen the need to insure their properties or take life assurance because of limited awareness on the insurance policy.
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“You find out that only governments and big companies subscribe to insurance in the country, a trend that had continued to hinder the sector from thriving,’’ he said.
Some traders who spoke to NAN confirmed the lack of awareness on the importance of insuring their lives and businesses.
Mrs Gloria Oche, a trader at the Garki Market, told NAN that although she knew about insurance, she would not subscribe to it because she did not believe in it.
Oche, a trader in baby clothing, said she had done business for over five years and had not suffered any mishap.
Another businessman, Mr James Sunday, said since his business was small and had the protection of God, it did not need insurance.
Mr Chukwudi Amaechi, a trader at the Dutse Market in Abuja, said he would not buy insurance products because that would amount to enriching someone else, adding that he would rather invest the money into his business.
“Instead of paying for insurance package, I will use that money to do turn over in my business, than enrich another man who is doing his business,’’ Amaechi said.
Another trader, Mr Suleiman Ibrahim, said he was ignorant of the benefits of insurance policies.
“ I do not know or understand what insurance product is, but I will gladly key into it if it will benefit my business,’’ he said. (NAN)
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