Stimulate Nigerians’ appetite for insurance, SBG tells operators

Stimulate Nigerians’ appetite for insurance, SBG tells operators

The Managing Director of SBG Insurance Brokers Limited (formerly NAL Insurance Brokers Limited), Mr Sammy Dalmeida, has urged operators in the nation’s insurance sector to stimulate Nigerians’ appetite for insurance.

Dameilda made the call during a press briefing to announce the 20th-anniversary celebration of the firm, according to a statement on Wednesday.

He said, “The growth of the market for insurance in Nigeria has been relatively limited. Our insurance penetration ratio of 0.5 per cent (computed as gross premium income as a percentage of Gross Domestic Product) ranks amongst the lowest in Africa.

“However,   the   low   insurance   penetration   rate   shows that there   are   abounding opportunities for the growth of the market.”

“But to achieve a positive transformation of Nigeria’s insurance market, operators would need to stimulate the appetite of Nigerians for insurance with the introduction of innovative products and digital disruption of traditional processes and practices.”

Dalmeida added that the recent collapse of a 21-storey building in Lagos had highlighted the need for businesses to arrange appropriate insurances for projects, assets, human resources and lives, employer’s liability and general third-party liability risk exposures.

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