Poverty Alleviation: Insurers tasked on collaboration, awareness
President, National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Iyalode Alaba Lawson, implored insurance operators to take their services to people at the informal sector, unite and work closely with their colleagues in the Organised Private Sector (OPS) to create wealth and alleviate poverty.
While speaking on the sub-theme, “Grassroots Development & Poverty Alleviation: Insurance Option” at the 2018 National Insurance Brokers Conference/Exhibition in Lagos, Mrs. Lawson said the theme highlights the growing need for more information and awareness about the benefits of insurance.
She called on everyone learned and unlearned, in the city or down at the grassroots level to be more enlightened about the need to be insured irrespective of means of livelihood.
According to her, “You could be a farmer, teacher, doctor, trader or any other; it is a fact that the Insurance Industry can offer a better landing in times of emergencies or mishaps. The theme also reminds us of the Sustainable Development Goals (SDG) known as 2030 Agenda. As we may already know, Goal 1- “No Poverty” which is at the heart of the 2030 agenda aims to eradicate poverty.”
She said the Brookings Institution Poverty report for 2018 classified Nigeria as the country with the largest number of extremely poor people.
She noted that Nigeria has about 87 million people in extreme poverty out of estimated total population of over 196 million, adding that extreme poverty in Nigeria is growing by six people every minute.
NACCIMA president, who described the statistic as very discouraging, called on insurers to adopt “more creative ways to maximize the human and natural resources we have as a nation while ensuring protection from financial loss or compensation in the event of contingent or uncertain loss.”
Lawson said as a foremost member of Nigeria’s Organised Private Sector and “the Voice of Nigerian Business,’’ NACCIMA is aware of the low insurance patronage in Nigeria, saying that entrepreneurs and individuals are concerned about paying premium against a mishap which may never occur, noting that citizens are exposed to various risks which can lead to the loss of their investments and falling into debt or poverty.
“There is therefore a need for the Insurance Industry which is identified as one of the sectors who have the panacea to poverty alleviation to provide risk management packages to hedge against loss. I implore insurance industry players to carry out more enlightenment campaigns on the benefits of insurance.” She added.
To this end, she implored everyone to take advantage of the opportunities this conference offers to build, develop and sustain the insurance industry and the economy of Nigeria.
One of NACCIMA’s objectives is to contribute ideas through policy advocacy for the overall economic stability of the nation. We are always ready to support and collaborate with the Nigerian Council of Registered Insurance Brokers in matters relevant to the growth and development of the Nigerian economy.
Chairman, SME Trade Group, Lagos Chamber of Commerce and Industry (LCCI) Abiodun Oladapo, called on insurance operators to do more in reaching out to people at the grassroots. He noted that many business had collapsed due to lack of knowledge on how insurance works.
He implored the operators to adopt the Cowbell Milk strategy, to package low premium cover for the people. According to him, the Cowbell strategy was what took milk to people at different strata of the economy, thereby enhancing their income.
