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Stanbic IBTC brokers deplores low insurance penetration

W

ith more unpredictable calamities confronting businesses and mankind, the need to take up insurance and also boost penetration in the country has been re-echoed by the management of Stanbic IBTC Insurance brokers.

 

 

In a virtual conference to commemorate World Insurance Awareness Day, the Managing Director, Stanbic IBTC Insurance Brokers Limited, Mr. Anselem Igbo,   pointed out that as of today, insurance penetration in the country was at an all-time low and not favourable for the well-being of individuals, businesses and the economy in general.

 

 

According to him, the insurance business is a unique one, which enables clients effectively manage their risks. Such risks may include theft, accident, robbery, injury, man-made and natural disasters, and even death. Insurance helps to achieve peace of mind through risk transfer and efficient insurance claims.

 

 

Speaking on the theme, “Insurance being a necessity”: Securing the future, Protecting what’s Important,” Igbo noted that in the best of times, the world is an uncertain place as it is characterised by numerous events that cause the loss of lives and properties.

 

 

“Some of these events are man-made while others are natural. The Coronavirus (COVID19) pandemic for instance has thrown a wrench in the works and further complicating our already complicated lives (creating a near precarious situation). This session was put together to discuss our thoughts around

 

 

“There is no better time than now to emphasise the necessity for insurance, than when we commemorate the World Insurance Awareness Day. This is a notable date commemorated each year on 28 June, to evaluate the insurance industry and sensitise the public on the need to have insurance covers or review existing ones.

 

 

He noted that insurance played a critical role in promoting economic growth and development by ensuring the efficient allocation of financial resources from the surplus to the deficit unit and ultimately bulwark for business sustainability.

 

 

According to him, “the recognition of the Insurance Awareness Day offers a chance to get familiar with available and accessible insurance covers and to stress the importance to always evaluate present belongings and the corresponding covers they need. In addition, the World Insurance Awareness Day reminds us of the need to engage the services of brokers for favourable quotes for various insurance classes that suit their needs.

 

 

“In response to bridging the adoption gap, the Stanbic IBTC group created the Insurance Brokerage business four years ago when the organisation began its full operations sequel to the granting of license by the National Insurance Commission (NAICOM) in January of 2016. Our paramount focus has since been to address identified needs in the insurance brokerage sub-sector and ensure that Nigerians are adequately protected.

 

 

Stanbic IBTC Insurance Brokers is a member of the over 156-yearold Standard Bank Group to which Stanbic IBTC Holdings PLC belongs, and we continually build on our parent company’s brand strength enhancing successful value-creation in our operations across Africa. We will continue to adopt global best practice in our operations, including exceptional quality of service and facilitating prompt payment of claims for our clients.

 

“Our solutions serve individuals and corporate entities, as well as existing customers and non-customers of the Stanbic IBTC Group. As insurance professionals with a vast knowledge of the workings of the insurance market, we can arrange the most suitable policies for our individual and corporate clients.”

 

 

He said there were various personalised insurance products and services which serve all classes of the society from individuals to groups, associations and large corporates.

 

“As Nigeria’s leading insurance brokerage company, Stanbic IBTC Insurance Brokers offers life, hope and support particularly in the wake of the current global pandemic. We will not relent in our effort to continually seek opportunities to help businesses, individuals and even the government boost resilience in these times. We remain keen on providing seamless solutions that suit diverse needs.

 

 

“Today, as always, I urge Nigerians to take a step in the right direction by investing in insurance coverage to protect their assets and valuables. With much excitement, I can tell you that our anticipated plan to improve our clients’ experience are gradually coming to fruition and you will be seeing some of these in the public space very soon,” he noted.

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