Insurance as a Course of Study in Secondary Schools in Nigeria: Is this the right step at Addressing the Low Awareness of Insurance?

In Nigeria, insurance has been seen as a largely ignored sector of the economy. Many Nigerians are unaware of the importance of insurance and the role it plays in protecting their assets and livelihoods. This has led to a low level of insurance penetration in the country, which is a cause for concern. Insurance as a course of study in secondary schools in Nigeria has been proposed as a solution to address this low level of insurance awareness. In this blog post, we will explore whether this is the right step to take.

To start with, let's discuss what insurance is and why it is important. Insurance is a form of risk management that provides financial protection against unforeseen events such as accidents, theft, fire, and other disasters. Insurance protects people's assets and ensures that they have the necessary financial support when they need it the most. For instance, if a person's house is destroyed by fire, the insurance company will pay for the damages incurred, allowing the homeowner to rebuild their home without suffering a significant financial loss.

Insurance is a critical component of financial planning and provides individuals, businesses, and even the government with the necessary financial protection to manage risks. However, despite its importance, many Nigerians still do not understand the concept of insurance and its relevance to their lives. This lack of understanding has led to a low level of insurance awareness and penetration in the country.

Several factors have contributed to the low level of insurance awareness in Nigeria. One of the primary factors is the lack of financial literacy among Nigerians. Financial literacy involves having the necessary knowledge and skills to make informed financial decisions. Many Nigerians lack financial literacy, and as a result, they do not understand the importance of insurance and other financial services.

Another factor contributing to the low level of insurance awareness in Nigeria is the lack of trust in insurance companies. Many Nigerians are skeptical about insurance companies and believe that they do not pay claims promptly. This lack of trust has led to a significant number of people avoiding insurance altogether.

Given the low level of insurance awareness in Nigeria, the idea of introducing insurance as a course of study in secondary schools has been proposed as a solution. The rationale behind this proposal is that by teaching young people about insurance, they will develop a better understanding of its importance and relevance to their lives. This, in turn, will lead to increased insurance awareness and penetration in the country.

Introducing insurance as a course of study in secondary schools is not a new idea. Several countries around the world have adopted this approach, and it has been successful in increasing insurance awareness and penetration. For instance, in the United Kingdom, insurance is taught as part of the citizenship curriculum in secondary schools. The curriculum covers topics such as personal finance, including insurance, and has been successful in increasing financial literacy among young people.

Introducing insurance as a course of study in secondary schools in Nigeria has the potential to increase insurance awareness and penetration in the country. By teaching young people about insurance, they will develop a better understanding of its importance and relevance to their lives. This, in turn, will lead to increased demand for insurance products and services.

However, the success of this approach will depend on several factors. One of the critical factors is the quality of the curriculum. The curriculum must be well designed and structured to ensure that students gain a thorough understanding of insurance and its importance. The curriculum should cover topics such as the different types of insurance, the benefits of insurance, and how to choose the right insurance product for different needs.

Another critical factor is the quality of the teachers. The success of the curriculum will depend on the quality of the teachers delivering the course. The teachers must be adequately trained and have a thorough understanding of insurance and its importance. They must also have the necessary skills to deliver the curriculum effectively to the students.

Furthermore, there is the issue of funding. The implementation of insurance as a course of study in secondary schools in Nigeria will require funding. The government must allocate adequate funds to ensure that the curriculum is properly designed, and the teachers are adequately trained. The private sector can also play a role in supporting this initiative through corporate social responsibility programs and partnerships with schools.

Another factor to consider is the availability of resources. The schools must have access to the necessary resources such as textbooks, computer labs, and other materials to support the teaching of the curriculum effectively. The availability of these resources will be critical in ensuring that the students gain a thorough understanding of insurance and its importance.

Furthermore, there is a need for public awareness campaigns to complement the introduction of insurance as a course of study in secondary schools. The public awareness campaigns will help to reinforce the message being taught in schools and ensure that the wider public understands the importance of insurance.

Conclusion

In conclusion, insurance as a course of study in secondary schools in Nigeria has the potential to address the low level of insurance awareness in the country. By teaching young people about insurance, they will develop a better understanding of its importance and relevance to their lives. This, in turn, will lead to increased demand for insurance products and services. However, the success of this approach will depend on several factors such as the quality of the curriculum, the quality of the teachers, funding, availability of resources, and public awareness campaigns. If these factors are adequately addressed, introducing insurance as a course of study in secondary schools in Nigeria can be a significant step towards increasing insurance awareness and penetration in the country.