The erstwhile Chairman, Nigerian Institute of Public Relations (NIPR), Ogun State Chapter, Nigeria, Mr Tope Adaramola has been appointed as the Executive Secret
Financial Inclusion: Challenges, prospects of increasing access to insurance
On
By Rosemary Iwunze
In 2012, the Central Bank of Nigeria, CBN, launched the National Financial Inclusion Strategy with the aim of increasing the number of adults that have access to financial services to 80 per cent by 2020.
To achieve this, different targets were set for each sector of the financial system. For the Insurance industry, the target was 40 per cent insurance penetration amongst the adult population by the year 2020.
According to a survey released by Enhancing Financial Innovation and Access, EFInA, in 2018 titled: “Access to Financial Services in Nigeria 2018 Survey”, out of a total adult population of 99.6 million, only about 1.6 million adults representing 1.6 per cent had any form of insurance in 2018, representing 0.1 per cent decline from 1.7 million adult population in 2016.
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The National Insurance Commission, NAICOM, has lamented the declining participation of local insurers in big ticket businesses such as aviation, annuity as well as oil and gas risks underwriting.