Customer satisfaction crucial to insurance growth, say experts

With insurance penetration and contribution to the nation’s Gross Domestic Product (GDP) still at an abysmally low level, experts believe the only way out for operators to achieve growth is to ensure offering optimum customer satisfaction to the insuring public, OMOBOLA TOLU-KUSIMO and FAVOUR OBIEMEKA report


FINDING solution to low insurance penetration and poor premium generation of the insurance industry, arising from poor perception among the insuring populace, has remained germane to stakeholders in the industry, The Nation has learnt.

The Nigerian Insurance Digest 2017 published by the Nigeria Insurance Association (NIA) showed that the total industry premium income grew from N268 billion in 2013 to N294 billion 2014, N313 billion in 2015, N316 billion in 2016, and N365 billion in 2017. This translates to one per cent of the Nigerian population that have insurance policy, with an estimated 0.30 per cent contribution to Nigerian economy.

Experts said this performance is…

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