By Bianca Iboma
The Executive Director in charge of General Insurance, Leadway Assurance, Ms Adetola Adegbayi, has called on Nigerians to transfer the cost of their potential losses to insurance firms.
Adegbayi made the call during the official launch of Leadway Assurance’s Mobile Office/Caravan in Lagos, saying penetration of insurance will fast track Nigeria’s economic growth.
She said a lot of Nigerians do not understand what insurance policy entails, explaining it is a way of managing risks. “It is money that you don’t have today for something that may or may not happen tomorrow. It is contingent money in their pocket.
“Insurance firm sells money unlike money deposited in the bank that one can cash at will whenever they need it. In insurance, you have to wait for a potential loss before you can make claim. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium,” she said.
According to her, Nigerians need to be educated about the insurance industry and operations for them to be involved in it. She stressed that the launch of its mobile office using the caravan is to enable Nigerians have access to insurance.