Following the current efforts of the National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) aimed at increasing insurance awareness and education, African Reinsurance Corporation (Africa Re) said it is embarking on its own nationwide awareness campaign to complement the efforts of the two bodies.
For years, both NAICOM and NIA have embarked on massive insurance sensitisation exercise to correct the negative perception about insurance products and services, yet, insurance penetration rate is at a meager 0.3 per cent.
To this end, Africa Re stated that its own insurance awareness campaign was to deepen insurance penetration and acceptance in the country, noting that the awareness campaign is aimed at developing an integrated behavioral change towards insurance products and services.
Deputy Managing Director, Africa Re, Mr. Ken Aghoghovbia, while speaking on this development in Lagos, noted that the aim of Africa Reinsurance awareness campaign is to bridge the knowledge, experience and perception gaps in the Nigerian insurance market.
Promising that the campaign will correct the negative and prevalent perceptions plaguing the industry, he added that this move will equally drive penetration and density as well as grow insurance culture across the country.
“The campaign intends to also enlighten the public on credible insurance partners, i.e. how to get and enjoy the benefits of insurance in Nigeria,” he pointed out.
He added that his company decided to invest in creating awareness about insurance because it realised there is a dearth of knowledge among the general populace, he pointed out that the motive is to deepen the knowledge about insurance and advantages therein.
According to him, “This is in spite of the fact that as a reinsurance company, we only deal with insurers/reinsurers and not with individual beneficiaries of insurance policies. The campaign is going to be a multi-media one.”
Explaining the philosophy behind the initiative, he said the constant fire outbreaks in market places across the country that is putting an end to the dreams of uninsured traders, and many children who dropped out of school following the death of their breadwinners as well as most uninsured vehicles plying Nigerian roads, prompted the need to increase insurance awareness to correct the aforementioned ills, which, he said, could be avoided if individuals were aware of the benefits of insurance.
Meanwhile, the company, after 40 years of existence, recently changed its logo to associate Africa Re with outstanding quality, trustworthiness and credibility.