Nigerians should cultivate insurance culture – Sovereign Trust CEO

Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, Olaotan Soyinka, has lamented the unwillingness of Nigerians to embrace insurance, citing it as a costly development.

Soyinka said this at a press conference to review the company’s first-quarter operations and processes in Lagos.

Speaking at the press conference, Soyinka said, “Insurance is an integral part of our socio-economic life that should not be taken for granted. Nigerians have waited too long in willingly accepting and recognising the fact that without insurance, one is like building a house without a foundation, and in no time, it could come crashing down; and when that happens, you will have to start from scratch again with even more funds than you initially spent.”

He maintained that insurance gives the policyholder the promise of a safe and comfortable future.

“The earlier we disabuse our minds of the old notion that insurance doesn’t work, the better it will be for all of us. Nigerians should begin to cultivate an uncompromising culture of insurance,” he advised.

Highlighting the biblical story of Noah’s Ark, which provided safety and succour for those who took refuge inside it after the flood had receded. Soyinka said, “The earth was restored to its former position with God not having to go through the process of creation as He did in the beginning when the earth was formed. Like Noah’s Ark, insurance takes you back to your former position before the loss.”

Sovereign Trust Insurance Plc operates as a non-life insurance company with a range of insurance products and services that are tailored to meet the specific needs of the company’s clients.

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