In a recent gathering at the 53rd yearly general meeting of the Nigerian Insurers Association, industry players highlighted the low insurance penetration in Nigeria, attributing it to high unemployment and poverty rates. The situation, compounded by the reliance on cash by over 40 million Small-Scale Enterprises, is hindering the industry’s growth.
The Chairman of NIA, Kunle Ahmed, emphasized the need for collaboration with the National Insurance Commission and other stakeholders to develop innovative insurance products, especially for the financially excluded. The Managing Director of Coronation Insurance, Olamide Olajolo, underscored the crucial role of insurance in ensuring both personal and business survival, particularly in a volatile market.
Recognizing the need to change the narrative around insurance in Nigeria, panellists at the event discussed practical examples of how simple insurance products could support financial inclusion and protect businesses from unforeseen risks. They emphasized the value of affordable insurance products like health and life insurance in safeguarding income and investments.