NAICOM building
By Favour Pius
Stakeholders in the insurance industry have intensifying calls for direct policy intervention from the Presidency, cautioning that persistent structural bottlenecks and weak reform momentum could continue to stifle growth, even as the sector holds vast but largely unrealised potential.
With the high-level delegation led by the Nigerian Insurers Association (NIA)
to meet with the Special Adviser to the President on Economic Matters, Tope Fasua, in Abuja, seeking stronger collaboration to deepen insurance penetration and align the sector with national economic priorities.
Director of Operation of the NIA, Lanre Ojuola, said the industry is looking to government to create an enabling environment that would unlock growth and expand coverage across key sectors of the economy.
“Insurance plays a vital role in managing risks and supporting economic stability, but penetration remains very low. Stronger government support, especially in enforcement and policy alignment, will help drive growth,” Ojuola said.
Fasua, in his remarks, acknowledged the importance of the insurance sector to economic resilience and financial inclusion, noting that the Presidency is open to deeper engagement with operators to strengthen its contribution to the economy.
Beyond the official engagement, leading industry voices say the sector’s challenges are well known and require urgent, coordinated action.
An industry consultant, Akindele Daniel,said enforcement of compulsory insurance policies remains a major gap. “We have enough law to drive penetration, but enforcement is weak. Government must ensure compliance with compulsory insurance if we want to see increasingful growth,” he said.
Also speaking on the related issue in an industry event in Lagos, Chairman of Mutual Benefits Assurance Plc, Akin Ogunbiyi, stressed the need for incentives to attract Nigerians into the insurance net.
“There must be deliberate policies such as tax incentives and integration of insurance into government programmes. Without incentives, many individuals and businesses will continue to see insurance as non-essential,” Ogunbiyi noted.
On the issue of public trust, Managing Director of Rex Insurance Limited Ebelechukwu Nwachukwu, said improving claims settlement and transparency is critical to changing perception about the industry.
“People will embrace insurance when they are confident that claims will be paid promptly and fairly. Trust is fundamental to growing this industry,” she said.
Analysts noted that the renewed engagement comes amid ongoing recapitalization efforts across the sector, which are expected to strengthen insurers’ balance sheets but may not automatically translate into higher penetration without complementary reforms.
A capital market analyst, John Chukwu, said aligning insurance with broader economic policies is essential. “Insurance must be embedded in sector like agriculture, housing, and infrastructure, that is how penetration will grow sustainably,” he said.
For many stakeholders, the meeting with the Presidency represents a critical opportunity to bridge the gap between policy intent and implementation, and to reposition insurance as a key driver of Nigeria’s economic development.
However, they insist that the real test will be in translating dialogue into concrete actions capable of transforming the sector and unlocking its long-awaited growth.
