Operators in the Nigerian insurance and pension sectors have been urged to leverage the opportunities in the COVID-19 pandemic to grow the sectors and contribute to the National economy.
A former Director-General, Lagos State Pension Commission, Mrs Folashade Onanuga, said in a presentation to journalists titled ‘COVID-19 impact on financial inclusion: Opportunities for insurance & pension sectors’.
She said while the pandemic had caused severe disruptions, opportunities had also been created to grow customer base as there was no real social security arrangement by government in the event of sudden and unexpected events.
Citizens needed to make plans by themselves for wellness both in business and family life, she said.
She said, “Economic shocks like sudden loss of job, illness or death can send people living just above the poverty line into abject poverty. So, whether one is in the formal or informal sector, there is the need to have a safety net.
“The sudden and unforeseen calamities created by the pandemic has highlighted the need to plan for unforeseen circumstances and even early retirement.”
To take advantage of these opportunities, she said, the pensions and insurance industries must remain committed to the inclusive growth of the Nigerian economy, creating opportunities for lower income groups to be part of the broader financial system.