The Chairman of the Insurance Trade Group of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gboyega Olanbiwoninu, has stated that insurance is the bedrock of economic growth and sustainable development in advanced countries worldwide.

He made this known while speaking at the 2023 Insurance Stakeholders’ Consultative Forum on Monday, themed: “Rethinking Insurance as a Critical Economic Growth Strategy”.

Gboyega noted that it was important for operators in the sector to rethink, re-engineer, and remodel the way insurance products are marketed to the public.

Applauding the theme of the programme, Olanbiwoninu said it was apt especially at this period in the politics and economy of the nation, noting the role the government is playing in reflecting the sectors of the economy.

“With the new government in place and efforts currently being channeled into reflecting sectors of the economy and analysing various processes, practices, and procedural methods and strategies that could produce the paradigm change in our nation, Nigeria.

“Sadly, not much of a pivotal position has been given to insurance, which is the bedrock of economic growth and sustainable development.

“We all know that insurance as a risk mitigation strategy also provides the required peace of mind for individuals and corporate institutions, providing the impetus and catalyst for business conception, venture, and growth. It is, therefore, not out of place for the new government to rethink the disposition of government to insurance, alongside other strategies being mapped out for the growth of the economy.

“In doing this, the government should, apart from providing or accelerating its support for enabling laws to promote insurance growth, also insure its assets, bearing in mind that it is the largest spender and potential client of the insurance industry”.

The chairman also urged Nigerians to embrace insurance as a part of their daily plans moving forward.

“And to the public, I dare also say there is a need to rethink insurance. There could never have been a better time to embrace insurance than during a period of economic recession when the recovery capabilities of people are pretty low.

“With insurance in place, you can always safeguard whatever you have worked hard to possess against avoidable loss or destruction. The implication of all these is that everyone must rethink insurance because of the enormous benefits it brings, he concluded.