 of insurance and the growth of any economy cannot be overemphasized. Hence, it should be part of daily lives of individuals. These were the views of experts at the 2023 Insurance Stakeholders Consultative Forum held in Lagos. Plus, TV correspondent Love Ikuku Oyedo can tell us more in this report. These are stakeholders from the issuer and sector gathered at the Lagos Chamber of Commerce and Industry, LCCI. They are here to forge the path towards the growth of the Nigerian insurance sector, which is a contributor to economic growth. Themed, rethinking insurance as a critical economic growth strategy, President of the Chamber Dr. Michael Olawale-Kul noted that the industry despite its enormous potentials is still at its infancy and far behind its African peers. He noted that despite the substantial role played by insurance, the great and Spanish scene in the financial services sector over the last decade has not been replicated in the sector. We have challenges faced by stakeholders. These challenges include military awareness among the general population regarding the importance of insurance. We have the use of low purchasing power, which also is a challenge for us in this industry. Olawale-Kul, who cited Global Insurance Market Report, which says insurance penetration rates for Nigeria and South Africa is 0.5 and 12.2 respectively, said the future of the sector hinges on the extent and speed of digital transformation. In his keynote, Commissioner of National Insurance Commission, sound thermals highlighted the importance of educating the public on the need for insurance. When there is an eventuality, sometimes you may not know the value of insurance when that happens. So if I pick it from that angle, in 2022 we paid I think a total of 129 billion. Back into the Nigerian economy and what that means is that if that 129 billion is mixed, it could have led to a law of things. So that's one of the values you look at. They maintained that insurance as a risk mitigation strategy also provides the required peace of mind for individuals and corporate institutions providing the required impetus and catalysts for business conception, venture and growth. Love. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.