Experts have charted new growth narratives for the insurance sector, identifying low insurance awareness, education and penetration as its bane.
The event attracted insurance chieftains, regulators, Lagos State Police Command, students of higher institutions, analysts and women entrepreneurs, among others. Group Chief Executive Officer, Consolidated Hallmark Holdings Plc, Eddie Efekoha noted that since NAICOM came up with an insurance bill in 2003, the public understanding of insurance, particularly among the retail service, has gradually improved while its penetration rate has increased.Managing Director/Chief Executive Officer, Royal Exchange General Insurance Company Limited, Ebelechukwu Nwachukwu, believes that the industry has evolved in the past 10 years.
She urged operators and other stakeholders in the industry to collaborate with the regulators, the banking sector, entertainment industry as well as agriculture and other sectors, noting that by so doing the insurance sector will drive the desired change.