The Nigerian Council of Registered Insurance Brokers (NCRIB), Abuja Area Committee, has reaffirmed its commitment to deepening insurance penetration across the country, saying sustained advocacy, grassroots sensitisation and stronger collaboration among industry stakeholders are critical to growing the sector.
The commitment was made during the committee’s monthly professional gathering in Abuja, where insurance brokers, executives and industry stakeholders reviewed market performance, shared best practices and discussed strategies to improve service delivery and expand insurance adoption nationwide.
Speaking during the meeting, Ojo Babajide Richard, Chairman of the NCRIB Abuja Area Committee, described the meeting as a platform for professionals to assess the industry, exchange experiences and strengthen their capacity to better serve customers.
“Every month, professional insurance brokers come together to assess the market, share experiences and see how best we can continue to improve our services to our customers, while also contributing to national economic development,” he said.
Richard acknowledged that insurance penetration in Nigeria remains below one per cent but expressed confidence that ongoing initiatives by the council would improve awareness and access to insurance products across the country.
“Insurance penetration in Nigeria is still way less than one per cent. However, the Nigerian Council of Registered Insurance Brokers, under the leadership of our President, Mrs. Ekeoma Ezeibe, has already put strategies in place to take insurance to the grassroots,” he said.
He noted that the council recently launched its insurance penetration campaign in Abia State, with plans to replicate the initiative in other states.
According to him, expanding insurance awareness among traders and small business owners would enable more Nigerians to make informed financial decisions while supporting economic growth.
Richard urged insurance practitioners to provide quality service and honour claims promptly to build public confidence.
“Insurance practitioners must give the right policies and pay claims as and when due, while the insuring public must have confidence that once they take a policy, they will receive their claims,” he added.
Also speaking at the event, Rotimi Adewole, NCRIB Vice President, said the Abuja gathering was one of six area committee meetings organised across the country to strengthen professionalism within the insurance brokerage industry.
“This is a continuous programme where professionals empower themselves, network and build stronger relationships within the industry,” he said.
Adewole said although insurance penetration remains low, the industry has continued to record gradual growth through advocacy campaigns championed by the National Insurance Commission (NAICOM), the Federal Ministry of Finance and other stakeholders.
He explained that the council’s current administration had made insurance penetration its flagship agenda, with ongoing engagements with state governments to extend awareness campaigns beyond Abia State.
“Our major focus is insurance penetration. We want people to understand that insurance is not just a necessity but a need to protect investments and livelihoods,” he said.
Adewole attributed the low uptake of insurance partly to prevailing economic challenges.
“When people are struggling to put food on the table and pay school fees, insurance becomes secondary. But as the economy improves and government continues to support the sector, insurance growth will also improve,” he said.
Also speaking, Oluwatosin Adebayo Yusuf, Chief Commercial Officer of Prudential Zenith Life Insurance, called for stronger partnerships between insurers, brokers and government to accelerate insurance penetration.
She said the company’s collaboration with the brokers’ association was aimed at creating greater public awareness and expanding access to insurance products.
“Insurance should not be the last item on anyone’s list. It should be among the first because it protects people against unexpected losses and secures their future,” she said.
She dismissed the belief that insurance is meant only for wealthy individuals, describing it as a misconception.
“Insurance is not for the rich. We have policies that cost as little as ₦2,000 or ₦5,000 for a full year. The premium is very small compared to the peace of mind and financial protection it provides,” she said.
Yusuf also urged the Federal Government to introduce salary-deduction schemes that would enable workers in public institutions to purchase insurance policies conveniently through payroll deductions.
According to her, such arrangements would significantly increase insurance uptake while making premium payments easier for workers.
The stakeholders agreed that sustained public education, prompt settlement of claims, improved service delivery and supportive government policies remain essential to increasing insurance penetration and strengthening the industry’s contribution to Nigeria’s economic development.
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