Why Insurance is crucial to economic development – Experts

Rasaaq Salami, the Director of National Insurance Commission (NAICOM) has said that governments at all levels, corporate entities and individuals need to embrace insurance for economic development.


The NAICOM director spoke during the launch of AXA Mansard Insurance Television Commercial (TVC) for Life Insurance products at the weekend in Lagos.

The event titled: Role of insurance in economic development was attended by some experts.

Stressing the important role of insurance in economic development, he cited recent incidents of collapsed buildings across the country.


He said it was unfortunate that the three-storey building in Ita-Faji area of Lagos Island, that killed 20 people, including pupils of a school and other people was not insured.

He pointed out that if the building was insured, insurance would have compensated all victims of the disaster.

He added that this explains the important role of insurance in an economy.

He, however, called on operators to do more in awareness creation that will spur people to embrace insurance, noting that this is the direction that the commission as the regulator is going.

Also, the director-general of Nigeria Insurers Association (NIA), Mrs Yetunde Ilori affirmed that there is low awareness for insurance, especially life policies.