Stakeholders in Nigeria’s insurance sector have called for stronger use of technology to deepen insurance coverage and strengthen the industry’s ability to withstand economic and social shocks.
The call was made at the 25th Adetunji Ogunkanmi Memorial Lecture themed “Beyond Insurance: Building Resilience, Health, and Legacy”, where industry experts discussed the future of insurance in the country.
The Managing Director of Nigeria Liability Insurance Pool, Adeyinka Adekoya, said the industry relies too heavily on corporate clients and has failed to penetrate the retail market.
She noted that most ordinary Nigerians are not covered because insurance products are not designed to meet their everyday needs.
Adekoya said technology must be central to any plan to grow the sector, adding that digital platforms are needed to reach rural and underserved communities.
She said Nigeria’s insurance penetration remains very low when compared with other African countries and stressed that the industry should be moving towards a 10 to 15 per cent penetration rate.
She urged insurers to move beyond traditional agents and create multiple digital access points that allow people to buy insurance easily from their homes and mobile devices.
The Managing Director and Chief Executive Officer of Cornerstone Insurance Plc, Stephen Alangbo, also called for resilience in the face of risks such as climate change and political instability.
He said insurance plays a key role in protecting health, wealth and long term security, and urged Nigerians to think about the legacy they leave behind.
Alangbo said ongoing reforms, including the new Nigerian Insurance Act, are helping to improve the industry and make insurance more attractive to consumers.
He expressed optimism that Nigeria’s insurance sector could grow to rival global markets if technology and consumer focused innovation are fully embraced.
