Chukwudi Akasike, Port Harcourt
The Group Chief Executive Officer, Old Mutual West Africa, Mr. Zomunoda Chizura, has said that making insurance compulsory through regulation will not encourage more Nigerians to embrace it.
Chizura explained that Nigerians’ interest in insurance could only increase with attractive programmes, solutions and visible benefits that could be seen across generations.
Speaking during a customers’ forum organised by his organisation in Port Harcourt, Chizura stated that forcing people to embrace insurance would not be sustainable.
He observed that unlike in South Africa, insurance patronage in West Africa was low due to ignorance.
Chizura stated, “We think the penetration of insurance in West Africa is lower compared to other economies. It (insurance) has to be left to willingness. It is less than one per cent in Ghana and in Nigeria, compared with other countries such as South Africa, where the penetration is more than 15 per cent.
“Regulations may help, but in our company, we believe in solutions that attract people. Even before people are forced, they will see the benefits for themselves.
“For instance, if they see across generations that insurance can help, they will join. If my children see that insurance helped me, they will take up insurance. The solution is in talking to customers than compulsory insurance.”
Explaining that Old Mutual was present in 13 African countries, the Group CEO explained that the firm had made it compulsory to always give customers correct information and advice.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.
Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at email@example.com
Follow us on twitter @newsbeatportal
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535
Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.