Opinion: COVID-19 and Sustainability Leadership In Nigeria’s Insurance Industry, By Bekeme Masade-Olowola
People will remember how businesses treated them, not what services were thrown at them, not just during this crisis but for long afterwards. Insurance companies, as any other business, must ensure that they continue to forge friendships with stakeholders through such intentional interventions.
Sustainability management in Nigeria, measured using economic, social and governance performance of businesses, is slowly but surely taking root, particularly at the level of organisations and industry, and one of the industries beginning to feel the impact of corporate governance because of its access to the wealth of third parties, is the insurance industry.
According to data released by PricewaterhouseCoopers , over the past decade, the Nigerian insurance industry has grown, as evidenced in total premiums, from about N75 billion in 2005 to over N300 billion as at 2015; a development that arrested the interest of foreign investors like AXA, which then acquired a $246 million stake in Mansard Insurance, creating the new entity, AXA Mansard.
Perversely, some insurance businesses chose, instead, to primarily push even more insurance policy products to their beleaguered customers during the financial crunch, such as the purportedly perfect life insurance policy, ostensibly to ensure that people and their loved ones can maintain a healthy financial lifestyle, regardless of uncertainties due to the loss of life or critical illness.
Within days after Wapic’s announcement, other insurers followed suit in presenting other exciting and directly beneficial palliatives to their existing and potential customers; Leadway announced that it would give back the equivalent of two weeks’ premium back to Personal Motor Comprehensive Insurance policyholders and AXA Mansard announced a partnership with Tremedoc, a telemedicine provider, to launch an app which gives people the opportunity to talk to licensed medical practitioners from the...
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