By ROSEMARY ONUOHA

Insurance operators have decried the escalating poverty level in the country saying it is hampering growth of the insurance sector.

The operators further stated that if the economy should continue in the snail-like pace as it stands presently, the target of the government in achieving its vision 20 20:20 will be a mirage.

Addressing pressmen in Lagos last week, President of the Chartered Insurance Institute of Nigeria, CIIN, Mr. Oluwole Adetimehin lamented that when the level of disposable income is nothing to write home about, there won’t be increased demand for insurance products from the public.

Adetimehin said: “So if the industries rather than increasing in number or expanding by the day are shrinking and laying off people, how do you expect the insurance sector to grow? When the level of disposable income is nothing to write home about, where do you expect to find the demand for insurance products? It is high time the government began to address all these fundamentals with all the seriousness it deserves if anythin g like the vision 20:2020 will be achieved or crystallised.”

While stressing that the Federal Government is talking of economic growth and being one of the top 20 economies in the year 2020, when the fundamentals that will propel such growth is lacking, Adetimehin noted that the growth in economic indices being peddled about by government officials, particularly the Central Bank of Nigeria, CBN, does not tally with the situation on ground.

He said: “We talk of economic growth; we talk of contribution to GDP in this country. Our economic analysts particularly the CBN officials and the people at the National Planning Commission always come up with different indices, but in reality, can we really match all these inspiring attractive indices to what we have on ground?”

While stressing that government has to address basic fundamental issues affecting the environment in its entirety, Adetimehin said that  it will be difficult for any sector of the national economy to experience any growth when the basic infrastructure are not receiving due attention year in year out.