The Director General of the Nigerian Insurers Association (NIA), Bola Odukale, has emphasized the urgent need for continuous awareness campaigns to tackle the widespread misconceptions about insurance in Nigeria.
During a courtesy visit by the executive members of the Nigerian Association of Insurance and Pension Editors (NAIPE) to the NIA headquarters in Lagos, Odukale highlighted how the lack of awareness has hindered the industry’s growth. She stressed that many Nigerians remain uninformed about the benefits of insurance, leading to a persistent distrust in the sector.
She stated, “Image-making is a crucial part of our business, especially for an industry like ours where people claim they know very little about insurance. We constantly hear statements like ‘I don’t know anything about insurance.’ This has been a recurring challenge over the years. Unlike the banking sector, where people clearly understand its purpose, insurance remains misunderstood.”
Odukale called for a more aggressive and sustained public awareness strategy, emphasizing the need for insurance professionals to engage directly with the public. She urged insurers to work closely with the media to enhance public education, as the media plays a crucial role in shaping industry perception.
According to her, “The media is not just an external entity; it is a vital part of the insurance industry. Our collective responsibility is to build trust and ensure Nigerians understand that insurance is not a scam but a financial safety net.”
She also acknowledged that past negative experiences and delayed claim payments have contributed to skepticism. However, she reassured the public that the industry is evolving, with regulatory bodies enforcing stricter guidelines to protect policyholders.
Odukale reaffirmed NIA’s commitment to fostering transparency, improving service delivery, and engaging with stakeholders to bridge the knowledge gap. She noted that by consistently educating the public and showcasing success stories, the insurance industry can change negative perceptions and drive wider adoption of insurance products.
