The Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, emphasized the critical role that the insurance industry plays in de-risking vital sectors and contributing to Nigeria’s economic transformation. As the government pursues various socio-economic reforms, Ahmed highlighted that the insurance industry, though often overlooked, is essential for driving financial inclusion and creating a more resilient economic framework. He urged stakeholders to recognize insurance as a tool for stabilizing economies and protecting investments, stressing the need for its development in Nigeria.
Despite the sector’s importance, Ahmed lamented Nigeria’s low insurance penetration compared to other African and global markets. He noted that, although Nigeria is one of Africa’s largest economies, the country’s insurance sector remains underdeveloped. Ahmed identified several key areas of focus during his tenure, including customer-centricity, digital transformation, commitment to excellence, and advocacy. These areas, he believes, are critical to improving the industry’s contribution to the economy.
Ahmed also underscored the need for increased education and awareness about insurance. He proposed outreach initiatives, such as school programs and partnerships with media organizations, to disseminate information about the benefits of insurance products. Furthermore, Ahmed emphasized the necessity of digital innovation to enhance customer satisfaction and simplify the insurance onboarding process, which will ultimately drive growth within the sector.
