IMF boss Christine Lagarde (R) and Nigeria’s Minister of Finance Kemi Adeosun (photo: NAN))

Nigeria’s insurance sector is under-served with about 20,000 agents in the country, says Executive Director of Ensure Insurance Plc Owolabi Salami.

Salami noted that the number is low as compared to what is obtainable in other nations, stressing that it is one of the reasons for the low insurance penetration and growth.

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He told Vanguard that, “We have about 20,000 agents servicing a buying population of 37 million insurance consumers in Nigeria whereas India has about 1.9 million agents while South Africa has about 400,000 agents.

“I can tell you for a fact that some individual companies do not have up to 200 agents. This is so because the funds that are meant to be invested in doing all of these things are not being applied to that.”