Culture, attitude hinder insurance role in economic development .

        Culture, attitude hinder insurance role in economic development.

Commissioner for Insurance,Mohammed Kari, in this discourse reiterates efforts the Commission has been making to kick-start the second phase of the MDRI In line with our strategic road-map, the Commission has set out reforms needed to re-position the Nigerian insurance sector to effectively serve our growing population and most importantly the financially under-serviced low-income segment. 

 Notwithstanding Nigeria’s vast population, insurance had a mixture of myth, misunderstanding and ignorance defining it. 

Cultural issues and attitudes have continued to hinder the role of insurance in fast-tracking Nigeria’s economic growth. In keying into the federal government’s Financial System Strategy that visioned Nigeria of being a world’s top twenty economy by the year 2020, (FSS2020 development framework), the Commission initiated the “Market Development and Restructuring Initiative” (MDRI) in 2009. 

  Insurance The programme has among its objectives, the promotion of public understanding of insurance; the building of confidence on the Nigerian insurance market, the enforcement and monitoring of compulsory insurances in Nigeria so as to grow premium income for the benefit of the Nigerian economy, thereby increasing insurance density and it’s contribution to GDP.