 The importance of insurance in the growth of any economy, cannot be overemphasised, hence it should be part of our daily lives of individuals. This whether views of experts at the 2023 Insurance Steakholders Consultative Forum held in Lagos, plus tv correspondent Love Ikuku Oyediku, tells us more in this report. These are stakeholders from the Ishwarans sector, gathered at the Lagos Chamber of Commerce and Industry, LCCI. Pani uchitua, apama kwema, kelani tumade ni wajattu. Misha wanaka kwa kha mhanyu nallazhi, na shumakizu wajata k descendendido. Misha wajata kwa kwa ngajillah na shumakizu, na shumakizu na shumakizu, na shumaka kwa kwa mhanyu na handa tuhu. Ibupi, hady Buta, na Shumakizu na handa kwa mhajata. is still at his infancy and far behind his African peers. He noted that despite the substantial role played by insurance, the great and substantial scene in the financial services sector over the last decade has not been replicated in the sector. We have challenges faced by stakeholders. This challenge includes limited awareness among the general population regarding the importance of insurance. We have the issue of low purchasing power, which also is a challenge for us in this industry. How people should have insurance when they can increase their service for their family. Olawale Kul, who cited global insurance market reports, which says insurance penetration rates for Nigeria and South Africa is 0.5 and 12.2 respectively, said the future of the sector hanges on the extent and speed of digital transformation. We don't know what we are now. Insurance is sold long on platforms. The world is gone beyond face to face. Of course, we will be there. We love to get sold on platforms. So, CIT is the place which the insurance industry certainly is best In his keynote, Kameshina National Insurance Commission sounded thermals highlighted the importance of educating the public on the need for insurance. More often than not, we are at the risk in our economy because that is the quality of our revenue to the economy and the growth of the economy. And when you talk about the risk in the economy, you are talking about to what extent are you protecting the different vibrates of the economy. When there is an eventuality, sometimes you may not know the value of insurance when that happens. So, if I pick it from the hangu, in 2022, we paid, I think, a total of 129 billion back into the Nigerian economy. What that means is that if that 129 billion is mixing, it could have led to a lot of things. So, that's one of the value 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. Oye doku. Plus TV news. Subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.