Despite the reforms that have swept through the Insurance Industry over the years especially recapitalization, it’s disheartening to know that the level of mistrust of Insurance in Nigeria is still sky high.
According to new survey report by foremost rating company Agusto & Co a whopping 138 million people out of the 180 million – plus population do not trust Insurance will work as a concept. Regrettably, the Insurance Industry has not done much in the areas of creating awareness and consumer education.
Less than five Insurance companies advertize on television and radio in Nigeria. Some Insurance companies don’t even have communications/PRO department. Yet they want public perception of Insurance to change positively in their favor.