In order to ensure a better future, the National Insurance Commission and a few experts have recommended young people and other Nigerians to adopt the habit of purchasing insurance coverage.

In an interview in Abuja on Sunday, Mr. Olusegun Omosehin, the Commissioner for Insurance, stated that fostering an insurance culture would contribute to the growth of the industry.

According to Omosehin, the commission and the Ministry of Youth Development had inked a Memorandum of Understanding for the training of one million young people in insurance.

According to him, the initiative will increase young entrepreneurship and provide the nation’s youth with the skills and best practices necessary to engage in insurance.

According to the CFI, the program will also give young people chances, raise knowledge of insurance on social media, and strengthen the nation’s insurance market, which will have an effect on other industries.

One of the commission’s primary responsibilities, according to Omosehin, is to defend policyholders in the insurance industry.

He added the Complaint Bureau Department of the commission was also accessible to receive complaints from policyholders.

According to Dr. Sam Onyeka, Lead Director of Transparent Protection Limited/GTE, insurance is about resilience as well as protection, making sure that there is a way to recoup losses in the event of a disaster.

According to Onyeka, insurance benefits not only the affluent or well-established enterprises but also traders, farmers, truckers, educators, and husbands.

He claims that without insurance, a catastrophic incident might quickly wipe out years’ worth of diligent effort and investment.

In actuality, insurance is necessary for every Nigerian. The need for protection is universal, but the kind and extent of covering may differ based on one’s standing and income.

“Without insurance, a catastrophic incident has the immediate ability to wipe out years of diligent effort and savings.

“Whether it’s health, life, auto, or business insurance, there’s a plan suited to your needs and budget. Start small if you must,” he advised.

The expert suggested that people investigate their insurance options by speaking with a reputable insurance company.

“In today’s uncertain world, insurance is not simply a financial tool—it is a need.

One of the reasons some farmers avoid purchasing insurance, according to Chidike Ukoh, National Secretary of the National Fish Association of Nigeria, is the incapacity of certain insurance providers to honour claims.

Ukoh, who was also the National Youth Empowerment Association’s founding president, pleaded on the regulator to take strong measures against insurance providers in order to guarantee the timely settlement of claims.

In order to make sure that insurance companies paid claims when they were due, he also demanded that the regulator implement an efficient monitoring system.

“The majority of insurance firms introduce complications into claims, which causes losses for the insured.

Some insurance firms avoid discussing conflicts between farmers and herders, claiming that such conflicts are man-made and that farmers must deal with them.

Claims payments typically result in legal disputes, and occasionally smallholder farmers lose their money because they lack the legal background to go to court, according to him.

Mrs. Lilian Ideke, a policyholder and civil worker, demanded that insurance companies be recapitalised in order to strengthen them and increase their capacity to pay claims.

Mr. Andrew Adama, a different policyholder, counselled people to hire a professional before purchasing any insurance policy so they may comprehend the terms and conditions before committing to them.
(NAN)