The Nigerian insurance industry has been ranked 70th globally in terms of premium volume, far behind peers such as South Africa (20th) and the United States (1st), according to a new comprehensive report launched by FITC.
The FITC is a leading financial training and consulting institution.
The report draws insights from top industry executives and offers a detailed analysis of the sector’s current state, post-COVID-19 challenges, existing gaps, and emerging opportunities.
FITC recently convened industry stakeholders for the launch event themed “Driving Sustainable Growth in the Insurance Industry: Through Digitisation, Collaboration & Customer-centric Strategies” to provide a platform for industry leaders, regulators, and key players to discuss the report’s findings and explore actionable insights for shaping the future of the insurance industry in Nigeria.
The MD/CEO of FITC, Dr Chizor Malize, who delivered the opening remarks, emphasized that the report is a strategic tool designed to address both the challenges and opportunities in the insurance industry, particularly in the areas of innovation, customer satisfaction, and regulatory compliance. She highlighted the importance of digitization and operational efficiency, advocating for customer-centric strategies that meet the evolving needs of today’s consumers.
“The insurance industry in Nigeria must not only adapt to the changing landscape but also take charge of embracing technology and collaborative solutions,” Dr. Malize stated.
Also, the commissioner for Insurance & CEO of NAICOM, Olusegun Ayo Omosehin, in his keynote address, commended FITC for its efforts in shaping the future of Nigeria’s insurance industry. He acknowledged that the report provides a deep dive into the industry’s current state and serves as a roadmap for tackling key challenges such as data integrity, regulatory frameworks, and innovation.
“The insurance sector plays a critical role in fostering economic stability, protecting against risks for individuals and businesses alike,” he noted. “This report is a positive step towards enhancing the industry’s vibrancy and sustainability.”
In his virtual presentation, Dr Stanley Jacob, CEO of Zest Payments, reflected on the immense untapped potential within Nigeria’s insurance market. He reiterated that despite efforts to grow the sector, penetration remains below one per cent of GDP, with Africa trailing significantly behind the global average.
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