Nigeria In One Minute
Rampaging fake agents threaten fledgling confidence in insurance
The renewed campaign to rev up public confidence in the troubled insurance sector may amount to mere “dress rehearsal”, with no fewer than 13,000 fake insurance agents soliciting policies in the midst of few registered ones.
With the sole intention of ripping off intending policy holders of their belongings in return for fake coverage and alarming level of discoveries that many vehicle policy certificates are fake, it is now time for the sector’s regulators and stakeholders to act.
Specifically, out of the estimated 20,000 insurance agents operating in the nation’s insurance industry, only about 7,000 are registered with the Association of Registered Insurance Agents of Nigeria (ARIAN).
Speaking with The Guardian on the development, the former President of ARIAN, Gbadebo Olamerun, affirmed that there are “about 20,000 agents servicing a buying population of insurance consumers, but only about 7,000 registered, whereas India has about 1.9 million agents, while South Africa has about 400,000 agents.
The Guardian, July 2, 2018
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