By Favour Pius
With Nigeria’s insurance penetration still below one per cent of Gross Domestic Product (GDP), the Chartered Insurance Institute of Nigeria (CIIN) intensified efforts to reposition the sector as a critical driver of economic growth through its nationwide insurance Week 2026 campaign.
the institute said the initiative, scheduled for May 15 to 22, is designed to tackle the long-standing disconnect between insurance adoption and economic productivity by expanding awareness, deepening inclusion and strengthening public trust in insurance products.
The President, CIN, Yetunde Ilori, described the low penetration level as a direct constraint on Nigeria’s economic resilience, noting that a weak insurance culture limits the sector’s ability to contribute meaningfully to GDP.
This is not just an industry event, it is a national economic conversation. If we are serious about strengthening GDP and protecting livelihoods, then insurance must move from the margins to the mainstream,” she said.
Also speaking, Chairman of the Insurance Week 2026 Planning Committee, Funmi Omo, said the organizers are deliberately targeting underserved segments of the economy, including MSMEs, informal sector operators and young Nigerians, to drve broader participation.
“We are taking insurance to the markets, schools and communities because expanding penetration is the only way the industry can truly impact economic growth and national stability,”she said.
Industry stakeholders have long argued that Nigeria’s low insurance penetration significantly weakens its GDP potential, particularly when compared with emerging and developed markets where incurrence contributes more robustly to economic output through risk transfer, capital formation and long term investments.
Operators further stress that initiatives such as Insurance Week could help reverse this trend by improving awareness, rebuilding trust through education and claims transparency, and driving innovation in micro insurance and digital distribution channels.
A senior industry executive, who spoke on the development, said deepening insurance penetration would not only enhance financial inclusion but also unlock long-term funds for infrastructure and economic development, ultimately strengthening Nigeria’s GDP outlook.
Stakeholders therefore, see the 2026 campaign as a critical inflection point for the industry’s contribution to national growth, particularly as regulatory reforms and recapitalization efforts begin to reshape the sector.
