Insurance

Reasons Why Insurance is not Selling in Nigeria

Factors Affecting Insurance in Nigeria

Car, Business, Property, Health and Life Insurance in Nigeria
Why are Nigerians scared of Life Insurance?
Why are Nigerians not investing in Insurance?
Why are people sleeping on Life Insurance?
Researching on it lately and I’m blown away by the benefits therein.
Why don’t you have a Life Insurance Policy?
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These are some of the questions people who are deeply rooted in Insurance are asking themselves. But, I am going to talk about some of the reasons why Nigerians and Africans at large do not go for Insurance.
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Why Are Nigerians Afraid of Life Insurance?
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Insurance won’t sell in Nigeria for a very long time to come except for the very rich and few others that know its value.
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Religion is affecting Life Insurance in Nigeria
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And no it’s not entirely because of religion that makes Insurance Investment in Nigeria very low. Nigerians can’t think of any other solution to our problems other than banishing religion. It reeks of laziness. Although Religion is one of the factors affecting Life Insurance in Nigeria as many religious believers tend to believe their Life is insured with their God, Allah, deities, etc.
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Lack of education on Insurance benefits
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Now let’s focus on the elephant in the room that Nigerians ignore. Insurance. Ask the layman on the street what insurance is and you’ll find out he doesn’t have a clue.
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Whose fault is it? His or the person selling insurance? Of course, if you’re smart you know it’s the insurance firm’s fault.
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How many ads do you see in a year on Nigerian Facebook about insurance? Very minimal you will say.
How much content is pushed on social media about health and life insurance?
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So you did not advertise your business. You did not offer a free seminar about your business but you want me to patronize you just like that?  What level of wizardry are you practicing?
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Poverty as a factor affecting Insurance in Nigeria
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Secondly, we have the issue of mass poverty. A nation where 60% of its 200 million population leave below $1 a day will not give listening ears to anything like insuring.
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What do you want Hamza to insure? His poverty? Do you want Sister Nkechi that earns 50k to do life or health insurance? Have you seen the price of rent, transportation, school fees, feeding? Sister Nkechi is in debt.
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In the US for example, you can sell pet rocks and make millions. Yes, someone has done this.
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It’s easier to be a millionaire in a country where there are enough people with excess to spend on the next novelty product.
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For example. The average American pet owner spends $600 a month on their pets. They take them to the vet. Pet food companies rake in billions every year.
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In Nigeria, we feed our dogs eba and egusi soup with bones .
See, nobody is gonna buy a pet rock in Nigeria. Even those with cash to spare. So forget it. The odds of you selling insurance in Nigeria are very low.
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The Insurance companies in Nigeria are not doing enough work to sensitize and educate Nigerians on Insurance.
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Fake Insurance Companies in Nigeria
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There are many dubious Insurance companies in Nigeria that fail to live up to expectations, these companies scam their clients and these worsen the case for competent Insurance companies as many tend to withdraw.
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Government lack of Interest in Insurance in Nigeria
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The Nigeria government on the other hand does not help at all. The government should be in the front line encouraging the citizens to go for Insurance and also, protecting the Citizens by making sure these scam Insurance companies are weeded out.

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