A recent survey conducted by Cubecover has revealed that fewer than 3% of Nigerians currently have active insurance plans, underscoring the low penetration of insurance services in Africa’s most populous country.
The findings were disclosed during an event organized by the firm to promote greater access to insurance services in Nigeria.
Speaking at the event, Deji Macaulay, Chief Executive Officer of Cubecover, emphasized the company’s commitment to addressing the challenges limiting access to insurance in the country.
“Insurance should be accessible to everyone, not just a privileged few. Our platform simplifies the process, making insurance easier, user-friendly, and affordable for Nigerians to get the coverage they need,” Macaulay stated.
Sam Ishie, the Chief Technical Officer of Cubecover, presented the survey results, highlighting the urgent need to address the low insurance adoption rate.
“This is the driving force behind the strategic partnerships Cubecover has initiated to improve insurance penetration by connecting service providers, network providers, and financial institutions,” Ishie explained.
The company reaffirmed its dedication to leveraging technology and partnerships to bridge the gap in Nigeria’s insurance sector, ensuring that more citizens gain access to critical financial protection services.
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