Insurance expert and Group Managing Director of NEM Insurance Plc, Tope Smart has disclosed that recent developments in the insurance industry have shown that the industry has great potential.
Speaking during a media tour of his company’s corporate head office located along Lagos Ikorodu Road, Smart said one of the issues that is currently boosting the potentials of the industry is improved public confidence.
“The level of confidence has risen and to that extent, so many people now believe in the industry. You will agree with me that the industry has improved by way of response; response to some of the big claims which is in billions of naira that happened in the last five years. And that gives a kind of confidence in the insuring public that if they insure their businesses, the industry will be there for them in time of need,”he said.
The NEM insurance boss however said there are still so many issues concerning the industry that need to be address for the industry to get to its destination and stand firm for global competitiveness.
“We still need to do a lot more in terms of awareness. Awareness is not about illiteracy. People who are even literate including the professors still don’t know the benefit of insurance. So, we still have a lot to do in that area by trying to let people realise what they can derive from insurance”, he noted.
