Nigeria, seven others to introduce special insurance policies

Nigeria and seven other African countries are considering the introduction of some special policies for micro-insurance to enhance development.

According to a statement on Wednesday, an insurance expert, Prof. Festus Epetimehin, said this while delivering a speech with the theme, “Small but big: micro-insurance and the reduction of social risk of poverty”, at the sixth inaugural lecture of Joseph Ayo Babalola University in Osun State.

He disclosed that the policies would boost the acceptance of micro-insurance.“Currently, some African governments, such as Nigeria, Ethiopia, Egypt, Ghana, Kenya, Uganda, South Africa and Zambia, are in the process of considering special policies and regulatory frameworks to spur micro-insurance market development.”

Epetimehin urged African governments to adopt some of the policy approaches at the global level.

He observed that across the globe, many governments had recognised that expanding the insurance sector to include broader population segments could spur economic development and welfare.

“The creation of a financial sector characterised by competition, market efficiency and outreach is on the development agenda of numerous governments in Africa. Enabling policies and regulations, along with effective supervision, facilitate the growth of private-sector involvement and enhance the distribution and quality of micro-insurance,” he said.