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Perceived Benefits of Banc-Assurance in the West African Sub-Region: A Veritable Road to Insurance Inclusion in Nigeria

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Perceived Benefits of Banc-Assurance in the West African Sub-Region: A Veritable Road to Insurance Inclusion in Nigeria

ABSTRACT

The sub-sector of the Nigerian economy, the insurance industry has suffered abandonment by businesses and individuals in Nigeria owing to their preference to saving money in deposit money banks as a means of insurance over buying any insurance policy from the insurers. This has brought about a complete underperformance by this subsector. However, the new global financial trend – Banca-assurance adopted by the banks and insurers alike has swayed new opportunities for the insurers to make their products available to the common man at a win-win transaction between insurers and bankers as well. This study explored Bancassurance and its benefits to the various stakeholders in Nigeria.

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