Less than 1% of Nigerians voluntarily subscribe to life insurance due to a general apathy for the business by the government and the citizens.
This revelation was made by the Director-General of the National Insurers Association, Mr Sunday Thomas, who expressed worry that Nigeria was among the least countries in terms of insurance contribution to the Gross Domestic Product at 0.72 per cent.
The Nigerian insurance sector, he said, was grossly untapped because it had not yet appealed to the informal sector, which constituted over 80 per cent of the population.
Thomas noted that it was common knowledge that insurance culture was very low among people in the informal sector, adding that it would take deliberate efforts to win the confidence of this sector.
