The president of the Professional Insurance Ladies Association (PILA), Mrs Justine Okoror, has urged Nigerians to go for more insurance policies in 2017, despite the recession.
Okoror told newsmen in Lagos that payment of insurance premiums to secure life and properties had enormous advantages.
“Many think insurance business thrives on the economy and that it is a secondary issue.
“The first issue on the minds of citizens is survival before they consider protecting and providing for tomorrow.
“Nigerians, however, need to change their perceptions when it comes to insurance.
“Insurance provides mitigation against unexpected loss of life, property and things of value.
“What is the advantage of surviving now and losing all that one possesses at the end?’’ she queried.
Okoror urged citizens to take appropriate insurance policies to tackle unforeseen losses.
According to her, there is not a more appropriate time to take insurance policies than in a recession.
She said, “In a recession, there is limited cash in circulation; one can hardly invest or purchase properties.
“So then, why should one not secure what he or she has?’’
Okoror said that some individuals, because of the harsh economic situation in the country, may want to abandon comprehensive insurance for third party insurance.
She decried such moves, saying that those individuals did not know the value of what they had.
The association president urged individuals who had comprehensive insurance not to abandon it for third party insurance despite the economic climate in the country.