The Association of Senior Staff of Banks, Insurance and other Financial Institutions (ASSBIFI) has said that as long as the government is not enforcing and encouraging insurance practices, its contribution to the nation’s Gross Domestic Product (GDP) will continue to be abysmally low.
President of ASSBIFI, Oyinkan Olasanoye, who said this recently at a media forum, said when proper policies are not well implemented, it will continue to affect its contribution to the GDP.
She called for strict enforcement of the policies and a change of attitude by Nigerians towards the issue of Insurance.
“Most Nigerians are ignorantly or arrogantly shying away from the insurance, unlike most countries where insurance is taken as part of everyday life.
“For instance, there is a policy that there should be insurance coverage for all buildings, construction, motor vehicles and professionals, but wonder how many Nigerians believe in it,” she said.
Olasanoye said the implementation of the policies will drive the Insurance sector to contribute adequately to the Gross Domestic Product (GDP).
The ASSBIFI boss cited an instance in South Africa, where there is an insurance policy in place and well implemented. “In South Africa, there are laws put in place that drive people to insure their properties including their mobile phones. Until our orientation changes in Nigeria, it will keep on affecting the contribution of the sector to the GDP and be able to put our house in order with regards to the Monetary Policy Rate (MRP),” she added.
