Low patronage of insurance hinders industry’s contribution to GDP

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The National Coordinator, Annual Insurance Colloquium, Mr Johnson Adedapo, said low patronage of insurance has been hindering the industry’s contribution to national development.

Adedapo said on Tuesday in Lagos that the low patronage was reflected in the industry’s contribution to Gross Domestic Product (GDP).

The expert said it was unfortunate that insurance, which had been in the country for over a century, could only contribute 0.8 per cent to Nigeria’s GDP.

According to him, the low GDP being realised from the sector is depriving the country of enormous benefit. Adedapo explained that writing premium from more Nigerians can provide finance for long -term economic growth for the country’s absolute recovery.

“Moreover the low patronage has deprived the industry the ability to create 70,000 jobs annually.” he said.

He said it has become imperative in view of the various national experiences that all hands should be on deck to trace and track down this malaise.

“This malaise that has bedevilled our beloved industry calls for Federal government support. The duty to educate and be educated is a joint duty of all including the Insurance Companies generally, Insurance Regulators, Government and finally the consumers.”