Brokers Lament Poor Nigerians’ Insurance Culture


Nigerian Council of Registered Insurance Brokers, NCRIB, has frowned at Nigerians poor attitude towards insurance and dependence on government for compensation after a major incident or disaster.

Executive Secretary of NCRIB, Mr. Fatai Adegbenro, noted that insurance is the best form of risk transfer mechanism, adding that government cannot pay compensation the way the insurance industry can in the event of a disaster.

He said: “Nigerians should imbibe the culture of insurance and stop the habit of going cap in hand to government anytime there is a major incident or disaster. In mature climes, citizens don’t run after government for aid when there is an incident or disaster, rather they go to their insurance companies because they believe in insurance and that insurers will pay commensurate compensation for their loss.

“But in Nigeria, the story is different, as people see such scenarios as opportunity to gain from government. In some situations, some people capitalise on such occurrence to defraud government.

“Unfortunately, victims of disasters can’t get commensurate compensation from government for their loss after an incident or a disaster because government is not an insurer.”

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