Only 6% of Nigerians seek insurance brokers’ advice before taking policy — NIA DG

The Director-General, Nigeria Insurers Association, Yetunde Ilori, has advised Nigerians to always seek advice from professional insurance brokers before purchasing insurance policies.
Ilori told the News Agency of Nigeria on Thursday in Lagos that only six per cent of insurance policy holders sourced their policies from insurance brokers.
According her, this group lacked concise advice on insurance policies they purchased, saying the terms and conditions attached to the policies also remained vague to them.
She said: “Nigerians are advised to always get expert counseling from professional insurance brokers before they decide on the policies they want to take.
“This is also responsible for wrong perspectives being spread about insurance in the country.”
She said about 34 per cent of the policy holders sourced insurance through their employers.
“27 per cent got policies through family members; 16 per cent through agents and 13 per cent through banks and four per cent through other means.”
Ilori, however, appealed to the Nigerian Council of Registered Insurance Brokers to ensure the spread of insurance brokers across the country.
She said: “Efforts should be made to get to every nook and cranny of the country to enable more Nigerians to get appropriate advice on insurance.”
Ilori noted that out of the total adult population of 96.4 million, 59.6 million representing 61.9 per cent live in rural areas.
She said: “Insurance brokers and underwriters should therefore take insurance crusade to this category of people.”
Ilori also called for mass education and enlightenment to make insurance a household commodity in the country before 2025.