The role of the Nigerian media in the development and growth of insurance industry has been commended by Mr. Wale Onaolapo, the Managing Director of Sovereign Trust Insurance Plc.
Onaolapo said the insurance industry highly appreciate the contribution of the media in education and creating insurance awareness in the minds of the Nigerian populace.
He however implore the media to continue in their supportÂ to the insurance industry more especially to enhance the education and awareness initiative being undertaken by the National Insurance Commission (NAICOM) and that of the Chartered Insurance Institute of Nigeria (CIIN) in advancing the growth of the industry in the country.
According to him, â€œthe Media is very critical to the development and sustenance of the Insurance Industry. The responsibility of the Media in this regard is quite phenomenal and must be carried out with astute professionalism.â€ I must commend the efforts of all the Insurance Correspondents in the various Newspaper Houses in the country.
â€œTheir intervention in reporting insurance news and happenings is quite commendable and more can still be done in pushing the frontiers of the Industry. He however added that a lot of Research and detailed work can still be injected in the reports churned out on insurance in the various newspapers so as to engender credibility and growth for the industryâ€, he added.
â€œWhat the industry need more than ever is acceptability and patronage from all strata of the society; both at the Corporate and Individual level and that can only come with a better understanding of the workings of the insurance business which unfortunately, a lot of Nigerians donâ€™t have. The education on insurance can never be enough at this point in time. â€œWe must move away from the level of assumptions to that of informed opinion and ultimately, acceptanceâ€
Though Onaolapo obaserved that the electronic media is still miles away compared to what the Print Media has done in terms of reporting insurance news in the country. He said going by the amount of patronage insurance companies have given to the electronic eedia in form of advertisement, one would have expected that the gesture would have been reciprocated but much hasnâ€™t been done in that regard.