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Chuks Udo Okonta
The education and awareness campaign undertaking through Retirement Clues, a video podcast by Chuks Udo Okonta, is gaining traction as it has been applauded for contributing to the growth of life insurance business.
The Managing Director/Chief Executive Officer, Heir Insurance Limited, Niyi Onifade, who gave the applause while speaking on the recent surge in uptake of individual life insurance policies, at a media parley yesterday in Lagos, said increased education and awareness amongst other factors were responsible for the increase.
He noted that Retirement Clues podcast has really helped the public to understand the need for leveraging life insurance policies to plan for their future.
He also identified the roles played by his company in ensuring that insurance becomes a life style as another factor for the surge.
According to him, the economic situation and effects of COVID 19 also made people seek succour in life insurance.
Onifade commended the anchor of Retirement Clues for his contributions, whilst stating that Heirs Insurance would partner the programme to enhance insurance education and awareness.
Inspenonline has earlier reported that Nigerians are taking refuge in life insurance as a means of wealth security for their families, as they spent N265.39 billion amid tough economic realities.
According to the National Insurance Commission (NAICOM) in a document entitled: ‘Nigerian Insurance Market at a Glance – Q3, 2023’, individual life insurance class was the major driver of the insurance industry, contributing N265.39 billion, which is 36.4 per cent of the recorded N729.1 billion gross premium written.
NAICOM noted that group life, was second with 34.5 per cent; oil and gas, 28.9 per cent, fire, 23.6 per cent and motor 18.1 per cent.
NAICOM stated that the industry also had gross claims of N365.5 billion and net claims of N259.0 billion.
The insurance sector regulator submitted that the industry total size was N2.8 trillion, which break down revealed that total assets for non life was N1.74 trillion and total assets for life N1.07 trillion.
It said the industry’s total paid up capital was N422.3 billion; total capital, N848.9 billion and total statutory deposit N26.7 billion.
NAICOM posited that ratio of total claims to total premium was 50.1 per cent; ratio of claims paid to reported 70.9 per cent; ratio of claims paid to reported, non-life, 55.0 per cent and ratio of claims paid to reported, life, 94.9 per cent.
