‘Why Nigerians lack trust in insurers’
pandemic. The President/CEO, Standard Insurance Consultants Limited, Dr. Ahmed Olaniyi Salawudeen, speaks on why the public does not trust insurance firms, brokers’ role, recapitalisation, among others, in this interview withThis question is very important judging by the attitude of the insuring public over the last 40 years that our company, Standard Insurance Consultants Limited , has been involved in insurance placements.
First and foremost, the premium being generated on a countrywide need to be invested in one form of investment or the other, and this is done through the banks. The idea is if the fund is provided to the banks, the bank will be able to lend the fund at a reasonable interest rate to the public. They will be able to lend to those who are in the communication, housing, industries, and other various infrastructural developments.
People are requesting for insurers to reduce premium because of covid-19. Is it the right thing to do? Trust in business is very important and is a key to success, particularly in the insurance industry because insurance is an intangible product. Therefore, trust is very essential. As a matter of fact, the foundation of the insurance business is based on the principle of utmost good faith .
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