In a concerted effort to mitigate the devastating effects of fire incidents in major markets and to increase insurance penetration, the Nigerian Council of Registered Insurance Brokers (NCRIB) has initiated a persuasive strategy to raise awareness about insurance products among artisans, commercial transporters, and market traders.
The NCRIB, in collaboration with major underwriters, embarked on an insurance awareness walk and visitations to four major markets in Lagos: Sabo, Tejuosho, Oyingbo, and Iddo markets. This initiative is part of a broader effort to educate market participants about the importance of insurance, particularly in protecting against fire and burglary incidents.
Speaking at the event, NCRIB President, Prince Babatunde Oguntade, expressed concern over the reluctance of market owners to embrace insurance despite the frequent occurrence of fire incidents that result in substantial losses. Oguntade emphasized that the Council has conducted on-site visits to markets affected by fire incidents to sympathize with victims and educate others on the need for insurance coverage.
“Many of the market fire victims realize their mistake of not having insurance only after suffering significant losses due to fire and burglaries,” Oguntade noted. “To further educate them and bring insurance products closer, we have implemented a market visitation strategy and awareness campaign. We visited market leaders to explain our campaign’s purpose and also spoke to commercial transporters about the benefits of insurance.”
Oguntade highlighted the Council’s desire to see more Nigerians adopt insurance to cushion the impact of devastating incidents. He stressed that no nation can successfully build wealth among its citizens without proper risk mitigation mechanisms in place.
“As a Council, we are not impressed by the poor acceptance of insurance products in Nigeria. We have resolved to collaborate with other industry arms to launch programs targeting Nigerian artisans and road transport workers,” Oguntade stated. He added that there is a widespread but erroneous belief that insurance services are only for the elite, which the Council aims to change.
To achieve this, the NCRIB plans to extend its awareness campaign to the six geopolitical zones of Nigeria through its Area Committees, aiming to reach a broader audience and ensure that insurance products and services are accessible to all Nigerians.
The NCRIB’s initiative underscores its commitment to enhancing insurance penetration and ensuring that more Nigerians, especially those in vulnerable market sectors, are protected against unforeseen losses.
