A report by Cubecover, an Insurtech firm, has revealed multiple factors driving Nigerians away from insurance even as it highlighted that only about 3% of Nigerians have insurance coverage as of 2024.
Co-founder and Technical Officer of the company, Samuel Ishie, presented findings of the Cubecover survey during the company’s brand inauguration in Lagos.
According to him, several factors including high cost, have contributed to the apathy of Nigerians towards insurance.
“Low awareness is a major challenge, people don’t understand the benefits of insurance, and even if they do, they don’t know how to access it.
“Another factor is that many Nigerians cannot afford insurance premiums, and even if they can, they may not have access to insurance products,” Ishie said.
Trust deficit
Ishie noted that the survey also highlighted a trust deficit, with many respondents expressing skepticism about the ability of insurance companies to pay claims.
“We discovered that…