Only 1.5 million Nigerians have an insurance policy

Out of a population of 186 million inhabitants, only 1.5 million Nigerian people possess an insurance contract, the minister of communication, Adebayo Shittu, has declared.

Taking the floor in a seminar held in late March 2017 in Lagos entitled “Increasing insurance penetration rate via technology”, A. Shittu added that the insurance sector posted in 2016 a turnover of 500 billion NGN (1.65 billion USD), a little less than 1% of the country’s GDP.

Still according to the minister, insurance companies are henceforth required to rely on new technologies in order to increase the industry’s penetration rate. It is worth noting that the penetration rate of mobile telephony, internet and the banking facilities have reached very high rates in Nigeria.

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