Bridging insurance gap through the schools
The level of ignorance about the benefits of insurance and its role in the economic development of the society in this part of the world is no doubt very high. This accounts for why majority of the populace, even among the educated elite still do not find need for insurance or use insurance to protect their dependants or assets, despite the age of the industry in Nigeria.
While this is a different situation in most advanced economies including South Africa, the case for Nigeria which has made the country one of the least insurance conscious countries in the continent in terms of penetration given its population, has continued to engage the thought of players.
The challenge therefore has been on how best to build insurance culture such that right from childhood citizens would begin to understand and appreciate the importance having protection through insurance.
Today, the journey has started with a lot of efforts geared towards catching them young at school age, where it is expected that creating platform for insurance education and career choice among students of secondary and tertiary institutions would form the needed foundation towards this journey.
When Fatai Kayode Lawal, current president of the Chartered Insurance Institute of Nigeria (CIIN), took up the mantle of leadership of the Institute about a year ago, the plank of his leadership was insurance education anchored on a five-point agenda.
“Let me reiterate that the theme of my presidency is born out of the belief that we can only create the necessary awareness where people are fairly and reasonably educated about it. The less than optimal financial literacy in Nigeria today is at the root of poor patronage of financial services and insurance happens to be one of the most affected in the sector.”
Speaking at the formal presentation of a set of computers to CIIN accredited tertiary institutions in the country that include Lagos State Polytechnic, Redeemer’s University and Federal Polytechnic Offa, Lawal said it was intended to boost students’ knowledge in the area of Information Technology (ICT) towards search for more insurance education.
He said that the presentation made so far in the education sector including course books is to aid insurance development in schools, because the only way we can get insurance to penetrate every nook and cranny of this country is to get more people involved as crusaders for insurance, he said.
Lawal, who would be stepping down as the 45th President of CIIN next month said his leadership, as part of his five-point agenda, has succeeded in the production of insurance textbooks for secondary schools to complement Federal Government’s approval of Insurance as a course of study in ordinarily level examination; production of course books for tertiary institutions offering insurance across the country; as well as reinforcement of the activities at the College of Insurance and Financial Management at Asese Village along the Lagos-Ibadan Expressway.
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