The education and awareness campaign video podcast on retirement clues has been applauded for contributing to the growth of the life insurance business.
Managing Director/Chief Executive Officer, Heir Insurance Limited, Niyi Onifade, lauded the effort while speaking on the recent surge in uptake of individual life insurance policies, at a media parley in Lagos, stressing that increased education and awareness amongst other factors were responsible for the growth in the industry.
He noted that the retirement clues podcast has really helped the public to understand the need for leveraging life insurance policies to plan for their future, and also identified the roles played by his company in ensuring that insurance becomes a lifestyle as another factor for the surge.
He said the economic situation and effects of COVID-19 also made people seek succour in life insurance.
Data from the National Insurance Commission (NAICOM) show that the ratio of total claims to the total premium was 50.1 percent; the ratio of claims paid to reported incidences – was 70.9 percent; the ratio of claims paid to reported, non-life, was 55.0 percent, and the ratio of claims paid to reported, life, 94.9 percent.
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