Insurance Brokers Launch Nationwide Drive To Support $1trn Economy

The Nigerian Council of Registered Insurance Brokers (NCRIB) has unveiled its “One Insurance Industry” initiative, aimed at increasing insurance penetration and supporting Nigeria’s $1 trillion economic target.

At the launch, the president and chairperson of the Governing Board, Mrs Ekeoma Ezeibe, revealed that Abuja will serve as the pilot for the program, with plans for nationwide expansion.

Ezeibe emphasised the critical role of insurance for individuals and businesses, particularly compulsory liability insurance under the Insurance Industry Reform Act of 2025.

These include third-party motor insurance, occupier’s liability for public buildings, builders’ liability, healthcare professional indemnity, and credit facility insurance.

“Insurance brokers are the largest distributors of insurance products. By ensuring that both corporates and underserved populations are covered, we are contributing meaningfully to Nigeria’s GDP and economic sustainability,” she said.

Acknowledging the sector’s challenging operating environment, Mrs Ezeibe reassured members that NCRIB, in collaboration with the National Insurance Commission (NAICOM), is ready to provide guidance, support, and opportunities for mergers or acquisitions where necessary.

She urged industry players to embrace reform, compliance, and innovation, stressing that digital adoption and professional collaboration will be key drivers for the insurance sector in 2026.

The initiative reflects NCRIB’s commitment to raising insurance awareness, improving coverage among underserved communities, and ensuring the sector contributes effectively to national economic growth.

Also speaking, the chairman of the Abuja Area Committee, Ojo Richard, highlighted the meeting’s objectives: assessing industry performance, identifying challenges, and exploring opportunities.

He identified low insurance penetration, limited technology adoption, and public mistrust as major obstacles to growth.

“Insurance penetration in Nigeria remains low, affecting premium income and the range of financial services we offer. Increasing penetration will generate more revenue for insurance companies and brokers,” he stated.

He also stressed the importance of technology and digital literacy, noting that modern insurance services are increasingly delivered online and via mobile platforms.

Addressing taxation concerns, Richard clarified that insurance premiums are exempt from federal taxes, although commissions earned by agents and companies remain subject to VAT. “This exemption encourages public participation in insurance while ensuring compliance with government regulations,” he said.

Insurance professional and risk manager Odunayo Bammeke emphasised the importance of knowledge sharing, compliance with the Nigerian Insurance Act and the new Tax Reform Act, and proactive engagement by industry players.

He stressed that the sector must move away from complacency, embrace digitalisation, and collaborate professionally for the overall benefit of the Nigerian economy.

“Driving the philosophy of one insurance industry means every participant—from brokers to loss adjusters, underwriters, reinsurers, and regulators—must learn to co-exist, cooperate, and work as a team,” Bammeke said. “Digitalisation has come to stay, and those who position themselves now will reap the greatest benefits.”