Insurance worth N450b, says Royal Exchange MD

The insurance industry is worth N450billion and has opportunities for growth, the Group Managing Director, Royal Exchange Plc, Olawale Banmore, has said.

Banmore spoke at Babcock University Students Association (BUSA) Community Students Week in Ilishan, Ogun State,Nigeria.

“In Nigeria, insurance is a N450 billon sector and has immense opportunities for growth as it should really be a trillion-naira sector and its getting there.

Besides, it is a major employer, especially skilled insurance professionals, among other fields. It also supports the economy because without insurance.

There would be fewer jobs, and even fewer businesses. It will be difficult for anyone to buy a car without insurance, or visit the hospital without health insurance. Insurance helps companies remain in business.

“In the same vein, many interesting career paths, which cater to varied skill sets and interests abound in insurance.

We have need for most of the professionals. The industry offers competitive compensation packages to enable us attract and retain the best talents.

With opportunities for growth and professionalism via the Chartered Institute of Insurance of Nigeria (CIIN), the prospect to grow is limitless.

Now is the time to get into the industry, bring your disruptive ideas, your innovations, unique skill-sets and expertise is what is required as we prepare for the next growth phase of the insurance industry in Nigeria,” he said.

He wondered while making career choices,  fresh graduates take insurance as the last. He blamed the problem on insurers of yesteryears who portrayed the profession in negative light.

He urged youths to make insurance as a career choice because the industry is stable, have multitude career paths, supports the economy, among others.

He said the sky was the limit for a fresh graduate.

He said: “We need millenials to bring your fresh ideas, innovation, different ways of looking at challenges and together, make the industry attractive.

The insurance market is a resilient marketplace and as a result, it can be a solid bet if you are looking to enjoy a long and prosperous career.’’

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