By Adeola Akinbobola
The Executive Director, Trustlink Insurance Brokers, Mr Amos Odeh, has raised concerns that insurance penetration in Nigeria remains below one per cent of the country’s Gross Domestic Product (GDP).
Odeh made the disclosure in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.
According to him, while many Nigerians may appear to have lost interest in insurance, the real challenge was in poor awareness, economic hardship, and low public trust in insurance providers.
Speaking on the state of the industry, he noted that operators must do more to align the benefits of insurance policies with the everyday realities of Nigerians.
“Many citizens still do not fully understand how insurance could protect individuals, families, and businesses from unexpected financial losses,” he said.
He stressed the need for continuous public education and stronger engagement with underserved communities.
The expert urged the Federal Government to create a more enabling environment for insurance companies to thrive through supportive policies, improved regulation, and economic reforms that encourage investment in the sector.
He said another major issue affecting public confidence was delayed or disputed claims payments.
Odeh also urged companies to improve their response to claims and ensure prompt settlement to rebuild trust among policyholders.
“Insurance companies must live up to their responsibilities. When claims arise, they should be paid promptly to restore confidence in the industry,” he said.
The expert argued that improving Nigeria’s economy would play a significant role in increasing insurance adoption.
He also advocated for reforms, recapitalisation, and customer-focused innovations aimed at deepening insurance penetration across the country. (NAN)(www.nannews)
Edited by by Maureen Atuonwu
