Insurance Critical to FG’s Development Initiatives —Minister

• Insurance Critical to FG’s Development Initiatives —Minister

The Minister of Finance, Mrs Kemi Adeosun, has said Nigeria needs to build a solid financial plan for the future through life insurance amid the various economic developmental initiatives of the Federal Government.

Adeosun, who was represented by the Deputy Commissioner for Insurance, Finance and Administration, Mr George Onekhena, at an insurance conference in Lagos, spoke on the role of stakeholders in developing insurance and pension sectors.

“Life insurance holds the key to wise financial planning and is a panacea for poverty alleviation among Nigerians at all levels including grassroot dwellers,” she said.

While urging Nigerians not to shy away from life insurance, she said they should rather make enquiries on the particular life insurance they would like to buy as well as how to obtain it.

She also urged those doubting insurance to engage the service of insurance brokers for professional insurance advice.

While speaking on some of the challenges facing insurance and pension operators in the country, Adeosun said people hardly told the public when they got benefits from sectors, especially in the provision of retirement benefits paid on monthly basis by Pension Fund Administrators to retirees and claims paid in a year by insurance firms.