Why Insurance sector contributes low to Nigeria’s GDP – ASSBIFI

The non-implementation of insurance policies in the country to drive Nigerians to believe in insurance has been identified as a major problem deterring  the sector from contributing meaningfully to the nation’s Gross Domestic Product (GDP).  
President of the Association of Senior Staff of Banks, Insurance, and other Financial Institutions (ASSBIFI)
Oyinkan Olasanoye, at a press briefing in Lagos attributed the nonchalant attitude of Nigerians towards insurance to why the sector is still lagging behind other financial sector of the economy.
According to her, there are so many policies in place that are not implemented and enforced. 
“For instance, we have a policy in Nigeria that there should be insurance coverage for all buildings under construction, motor vehicles, and professionals but unfortunately, Nigerians did not believe in Insurance. 
“You will see an insurance officer of a big institution that will ensure the vehicles of a company, but will not issue his own but based his insurance on God; and you know we are very religious in this country”, She said. 
The ASSBIFI President stated that as long as the government is not enforcing most of the insurance policies, it would be very tough for the insurance companies to contribute more to the Gross Domestic Product of the country.
Oyinkan cited the example of South Africa where there is an insurance policy in place and well implemented. “In South Africa, there are laws put in place that drive people to insure their properties including their mobile phones. 
“Until our orientation changes in Nigeria, it will keep on affecting the contribution of the sector to the GDP and we are able to put our house in order as regards Monetary Policy Rate (MRP).”