Less than 1% Nigerians have insurance

Funmilola Ogunsola, the winner of the Chartered Insurance Institute of Nigeria (CIIN) beauty pageant for 2014/2015, has alleged that insurance in Nigeria is still at a very low level.

Speaking during the grand finale of her pet project tagged: ‘Teens for insurance’, the beauty queen highlighted the importance of insurance, lamenting that less than 1% of people in the country is being insured.

Ogunsola explained that the project was geared towards sensitising secondary school students across the country on the need to be insured.

She further explained that an online essay competition titled: ‘The Significant role of insurance to the development of an economy’, was organised to create awareness for insurance.

“We don’t have up to 1% insurance penetration in Nigeria and this project was out of the desire to reach young people,” she said.

“I must say that I feel very glad with the results recorded. The entries for the essay competition were mind-blowing, so much that it was really difficult for my team to decide an eventual winner.

“I really hope that parents embrace the benefits of insurance and secure these kids future as soon as they can.”

Ogunsola urged members of the younger generation to take insurance seriously.

“When you get home tell you parents, your friends, don’t ask them if they have insurance, start with, ‘are you covered’, then they’ll ask you what you mean,” she said.

“Then you ask, dad, mum, do you have insurance for me? Is my future secured?”

The event, which was attended by top personnel in the insurance sector, focused mainly on members of the younger generation.

Hosted by popular Nollywood actor, Femi Branch, activities such as inter-school quiz competition, talent acquisition, games, musical performances etc, spiced up the day.

Seun Banwo, a member of the CIIN, who also spoke at the event, said the initiative was aimed at making youths realize the importance of insurance.

He also commended the federal government for approving insurance as a subject at the secondary school level.

“What Funmi has done with this initiative is to attract the younger generation to insurance, because insurance has a very low penetration in Nigeria,” he said.

“Thankfully, the federal government has just approved that insurance be a subject to be taken during the senior school exams and to be taught at senior secondary school level.

“We hope that in the next few years, insurance would have moved up from the 1% awareness rate it has presently, to a much higher level.”

Deborah Faboyede of the Apostolic Faith Church secondary school, Kaduna, emerged as the overall winner of the essay competition and was rewarded with a cash prize of N250, 000.

Other runner-ups also won cash prizes, refrigerator, television, microwave oven, among others.