Why People Are Skeptical About Insurance in Nigeria

Insurance in Nigeria

I remember working as an insurance marketer, during our training we were told that the most difficult product to sell in Nigeria is an insurance cover, but if you can sell insurance policies there is nothing on the earth you won’t be able to sell, and i asked myself a question, why is it so hard to sell insurance policies to Nigerians? During the training i was still feeling it shouldn’t be as hard as the way it was presented.

After the training, it was time to go into the market and sell insurance to people. It was in the process of meeting people at different organizations i experienced the reality of what we were being told in the training, it became dawn on me that many Nigerians are really skeptical about buying insurance product whether car, fire, theft or life insurance.

I know you will agree with me that buying insurance  policies in Nigeria is not so rampant when compared with what is obtainable in developed countries because it’s literally difficult to sell insurance policies in Nigeria. Most Nigerians have a biased mindset about insurance, they see it as benefiting mainly the insurer and  not the insured in the event that the risk insured doesn’t happen. According to research about 86.6 million Nigerians are said to have no form of insurance cover, while larger percentage of that population are even still living in oblivion of what insurance entails, the others see it as a form of ‘scam’ where insurance companies are only enriching themselves with insured money.

It will surprise you that so many people will call elite are also not aware of the benefits of insurance, some of them see insurance as anticipating evil or wishing themselves sinister events in the case of life insurance. Lastly, one important reason people also dread insurance in Nigeria is because they think insurance companies defaults when the need arise to indemnify the insured or make them go through a lot of tedious process to pay at the event occurrence of risk  insured against.

In conclusion, i think insurance companies need to do more in the areas of enlightening the public on the benefit of insurance and also make them see that there are different types on insurance because most people only know life insurance, this will encourage some people to venture in it.

If you are one of those who doesn’t believe in insurance in Nigeria you can share your view on why and if you do believe in it and have a cover already you can also encourage others here.

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