Former Nigeria’s minister of Finance Dr Ngozi Okonjo-Iweala has called on the government and insurance operators to set specific targets on how to deepen insurance penetration.
Okonjo-Iweala told the News Agency of Nigeria (NAN) in Busan South Korea on the sideline at the recent Annual Meetings of the African Development Bank (AFDB), that insurance penetration in AFrica, and Nigeria in particular was very low.
According to her, “the world is experiencing so much uncertainties and a lot of volatility in the economy, people need to think more deeply about insurance and how they can help protect themselves and their families, even their countries against these risks”.
She said the insurance industry really needs to move forard because there are a lot of opportunities.
There is need for massive education and insurance companies must take some responsibilities by working with government in this direction.
“The industry should set some targets like we were doing when we were in government seting 2020, 2025 and 2030 to deepen penetration to 5%.
Okonjo-Iweala is the current Chairperson of the Board of AFrican Risk Capacity (ARC) Initiative.
She congratulated Nigeria for signing the ARC MoU because it was another form of weather based insurance.
She said the pact was good and formed part of the framework for moving the country in the right direction. So massive education of first policy makers on insurance is what we need to do as the first step.

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