Why Nigerians Have Negative Attitude Towards Insurance

The attitudes of Nigerians towards insurance is negative; it is acknowledged that people have different attitude towards almost everything, ranging from politics, religion, cloths, music, food etc. for life insurance in a country may be affected by the unique cultures of the country to the extent that it affects the population.
Insurance services have not been entirely accepted enthusiastically in most developing countries like Nigeria, they lack the knowledge of insurance culture, they lack trust and confidence in the insurance companies, some don’t understand any aspect of insurance or its products, so they don’t see the need to take risk of entrusting their wealth on insurance companies.
The standard of education in Nigeria is another major reason Nigerians have negative attitudes toward insurance.
The working status of an average Nigerian has a significant effect on his attitude towards insurance, retired and employed Nigerians have a positive attitude towards insurance as well as the self-employed, but as for the unemployed, insurance is a far cry. read more