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STI boss commends media role in insurance growth

Patience Saghana
The Managing Director of Sovereign Trust Insurance Plc, Mr. Wale Onaolapo, has commended the role of the Nigerian media in the development and growth of insurance industry.

Onaolapo said the insurance industry highly appreciates the contribution of the media in education and creating insurance awareness in the minds of the Nigerian populace.

He, however, implored the media to continue in their support  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, “the 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.
“I must commend the efforts of all the Insurance correspondents in the various Newspaper Houses in the country.

“Their 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 industry, he added.

“What the industry need more than ever is acceptability and patronage from all strata of the society; both at the corporate and individual levels, and that can only come with a better understanding of the workings of the insurance business which, unfortunately, a lot of Nigerians don’t have.
“The education on insurance can never be enough at this point in time.

“We must move away from the level of assumptions to that of informed opinion and ultimately, acceptance.”
Though Onaolapo observed that the electronic media is still miles ahead 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 has not been done in that regard.

He called for a synergy of ideas between the electronic and print media so that the education and awareness of insurance in the country can be robust and holistic


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