#ThisFriday ARE THERE EQUAL OPPORTUNITIES FOR UNEQUALS WITH INSURANCE? By Ekerete Ola Gam-Ikon

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Welcome to INSURANCE INSIGHTS with Ekerete OLA GAM-IKON-The Insurance Guru.


Ekerete is an administrator and a business thinker and customer advocate, currently involved in knowledge sharing and advisory services on insurance, risk management, strategy and management. His extensive working experience has been largely in the insurance industry, with leasing insurance brand where he participated and led actions in product development, marketing and business development, relationship management, mergers and acquisitions, strategy planning and execution, change management and customer experience management. Besides insurance, Ekerete is involved  in consulting for projects and capacity building assignments for financial services providers; including banks (commercial, development, microfinance and mortgage), cooperative societies, renewable energy developers, agricultural sector actors, micro, small and medium enterprises(MSMEs) and government agencies.  Ekerete is a full member of Nigerian Institute of Management(Chartered), a Certified Process Professional, and an Associate of the Risk Managers Society of Nigeria.

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#ThisFriday 

ARE THERE EQUAL OPPORTUNITIES FOR UNEQUALS WITH INSURANCE?

By Ekerete Ola Gam-Ikon


I have truly been enjoying the conversations and feedbacks regarding the SWOT Analysis of Insurance in Nigeria since we started to consider it a fortnight ago. 


The Weaknesses of Insurance, which seemed to be arguable, include:

• High Cost of Insurance

• High Cost of Doing Business 

• Ineffective Communication with the Public

• Inadequate Adoption of Technology

• Presence of Financially Weak Operators

• Unhealthy and Unprofessional Competition

• Low Self-Discipline Among Market Players

• Inappropriate Succession Planning 

• Poor Linkages with Other Economic Sectors 


What do you think?


Anyway, next, we have to consider the most interesting aspect of the SWOT Analysis - Opportunities for Insurance in Nigeria!


This is one area which exist for us all but eludes many due to ignorance and low interest. Some think it's too technical for their understanding while others believe it's for the elites and those with money to afford the premiums.


Based on my inside knowledge of insurance in Nigeria, I can confirm that the market is structured to give all Nigerians equal opportunities. There are insurance coverages available for virtually all the risks we face in Nigeria except war, terrorism and kidnapping. 


The coverages are provided by conventional Insurance Companies (Life, General), Microinsurance and Takaful (Islamic Insurance), Health Insurance and Social Insurance. This makes it possible for everyone to access insurance irrespective of financial status, religion, culture and employment. 


Even, the unemployed, poor and vulnerable among us have been given access to insurance, mostly by sponsors and mandated organizations of governments at different levels.


So, can any Nigerian get insurance? The answer is YES especially for Health Insurance which the National Health Insurance Authority has been mandated by its Act 2022 to provide the poor and vulnerable Health Insurance coverage.


The Opportunities for Insurance in Nigeria are often described as "massive" but until we approach it as something that should work for us, we might not realize the opportunities.


Just imagine 10 percent of our population of 206m as of January 2023 covered by Personal Accident Insurance Policy at premium of N1,000 per year (Yes for One Year from January to December)!

 Do the numbers, comparing the sum that'll be held in the pool with the number of reported accidents; I believe the pool will only get larger and wealthier annually.


The question I am asking is: Why don't we deploy insurance to achieve wealthier livelihoods for Nigerians?


Please help me with answers that will reveal the real Opportunities for Insurance in Nigeria.


I remain...


Assuredly Yours,


Ekerete Ola Gam-Ikon

NCRIB NAC Award Winner 

+234-802-585-0344

olagamola@gmail.com


Stay tuned for more updates on INSURANCE INSIGHTS with Ekerete Ola GAM-IKOM

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