What do you record when you see and hear that our population is growing, and will put our country, Nigeria at the World’s No. 3 position by 2050?!
If you’re not doing anything that the changes in our population should concern you, then indeed you’re not doing anything.
Wow! Initially, I was concerned that the population would be too much for us to bear. Something needs to be done to control the population!
However, as an Independent Consultant on Insurance, with focus on making the insurance industry in Nigeria more attractive, enhancing the insurance experiences of Nigerians and boosting the contribution of insurance to Nigeria’s GDP, the population of Nigeria remains my “manufacturing complex”!
I’ll depend on it to deepen insurance penetration by creating new products, employing more people and generating more premium.
Reflecting on the picture, I aspire to such a time when 10 percent of our population will always be insured. Putting a system in place to ensure this happens annually becomes the real work.
I’m looking at depending on today’s policyholders to make my aspirations come through tomorrow.
If we had 21.8m Nigerians paying an average premium of N10,000 today, the size of the insurance sector by premium will be N2.18trn. By 2050, when our population has been estimated to be 377m, it is possible that our average premium would be N50,000 and the size of the insurance sector by premium will be N18.85trn!
It’s a great journey of 27 years which we need to start today!
Will you be a part of it?
I remain…
Assuredly Yours,
Ekerete Ola Gam-Ikon
+234-802-585-0344
olagamola@gmail.com
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