Insurers mull strategies to capture low income populace

A larger population of the uninsured public belongs to the low income group in the society who largely depend on their day-to-day economic activities to make a living. There income is low while their exposures to risks are also high, but could not afford to pay for conventional insurance products.

To ensure that this group of Nigerian’s largely in the informal sector which analysts say occupy over 70 percent of the working population embrace insurance, insurers have commenced sensitisation programme that would enable them appreciate proper risk management.

Sunday Thomas, director general, Nigerian Insurers Association said the effort now is geared towards coming up with products that meet the needs of these people and at the same time affordable.

“The idea is that if we are able to make them embrace insurance now, it would have become part of them so that in the future when the break out of their present level of income they could easily see need for conventional insurance.”

Thomas who spoke during an interaction with a select journalist on ‘Micro Insurance Trade Fair’ holding today at LTV Play ground in Ikeja organised by The Micro Insurance Officers Committee of the NIA, said this is the first of its kind in the effort at sensitising stakeholders on this aspect of insurance.

Here players on the supply side which are the underwriting firms as well as those from the demand side including artisans and informal sector workers will be present, while partners including GIZ, Elfina, ILO and representatives of the ministries of agric and corporative; and market women will all be present to interact, he said.

“We are also expecting the communication partners because we know telecommunications has proved to be an important means of distribution of insurance, he stated.

Modestus Anaesoronye