Stakeholders Agree On Increased Awareness, Education To Deepen Penetration

Stakeholders in the insurance industry agreed that the sector needs more education and awareness to deepen penetration in the country.

Although, they said, the industry has progressed in recent times, recording a record N1.5 trillion gross premium in the last financial year, the grassroots inroad has been slow, a development that calls for increased awareness.

To this end, the sector devoted last week as ‘Insurance Awareness Week’ in a move to preach the gospel of insurance, appreciated those that have done exceptionally well for the progress of the insurance profession and services as well as chart a way forward.

The maiden Insurance Awareness Week, which started on Saturday, June 28, 2025, came to an end on Friday, July 4, 2025 in Lagos. Friday’s edition was the Grand Finale and Award ceremony, where efforts were rewarded to persuade more people to increase interest in insurance.

On her part, president of the institute who organised the event, that is, the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, reiterated the need for the industry to sustain the awareness, adding that, “the awareness we have created during the one week, is not for today alone, it should be sustained and continued.

‘Insurance Awareness Week’ did not just start a week ago; it is something we have started planning long ago.”

Affirming the institute’s commitment to initiatives that promote learning and engagement within the industry, she urged every stakeholder to share the vision, underscoring the need for all to embrace insurance to secure Nigeria’s future.

“This is the first time we are having Insurance Week in the history of the insurance industry. This initiative was designed to reach the grassroots and spotlight the critical role of insurance in the national economy. The goal is to create awareness about insurance. Many people still don’t fully understand what insurance is. Whatever you treasure, you need to protect with insurance. Insurance is, in fact, the backbone of any nation’s economy,” she pointed out.

She charged the federal government and President Bola Tinubu to support necessary legislative reforms, saying, ‘we urge the Federal Government to assent to our proposed law so that we can implement the reforms needed to transform the entire economy.’

Similarly, the commissioner for Insurance/ CEO, the National Insurance Commission (NAICOM), Olusegun Omosehin identified the critical role of insurance in national security and economic stability, adding that, “from Lagos to Abuja, we are seeing growing interest and participation in insurance awareness campaigns throughout the week. The amplification of these efforts nationwide is thanks to everyone of you

“Without insurance, our economy will be more vulnerable and our people less secure.

I hope we remain vibrant beyond this week as we continue to amplify insurance awareness nationwide.”

During the event, the Ogun State Ministry of Education received the State Recognition Award for recording the highest number of student enrolments in Insurance subject during the 2024 West African Senior School Certificate Examination (WASSCE).

Okeleye Olarotimi, who accepted the award on behalf of Ogun State Commissioner for Education, Science, and Technology, Professor Abayomi Adelaja Arigbabu, appreciated CIIN for the prestigious award, adding that, “This award is not just a plaque; it is a powerful testimony to what is possible when a government commits to educational innovation, career diversity, and future-forward thinking.’

Describing the promotion of Insurance as a subject in schools as more than an academic initiative, he said, “Insurance is not only a subject—it is a life skill. It teaches risk management, financial literacy, and responsible citizenship—values that Ogun State is proud to embed in its curriculum.”

Arigbabu credited the success to the dedication of teachers, the enthusiasm of students, and collaboration with stakeholders like the CIIN, affirming the government’s commitment to strengthening the link between education and industry.

At the event, Insurevate, an application developed by a group, comprising of; Toluwanii Oguntoye, Odunayo Ojeremi, Adaramola Simeon, Chukwuebuka Arueze and Tobi Emmanuel, won the Hackathon Competition. Second position went to Team Aegis, who has Feyisayo Yusuf, Tolulope Ajao, Emmanuel Idumebor, Adelani Babatunde, Umamah Tajudeen and Balogun Sulaimon as members while Third Position went to The Assured Team, with Delight Obi, Victoria John, Esther Akuyi, Mohammed Konateh and Tobiloba Ogunbanjo as members.

Best Supporting MDA award went to Code of Conduct Tribunal; Best Insurance Student at WAEC Examination was Mogaji, Yetunde Amunat while Teacher of the Award-Winning Students was Egbuonu Chizoba.

There were recognitions for top six Secondary Schools with the highest numbers of Student Enrolment in Insurance: which includes Methodist Comprehensive College, Sagamu, Ogun State; IjayeOjokoro Senior High School, Ojokoro, Ogun State; Araromi Secondary School, Iganmu, Lagos State; Egba High School Asero, Abeokuta, Ogun State; Iganmode Grammar School 2, Ota, Ogun State; Iganmode Grammar School, Ota, Ogun State.

Presidential Recognition Award went to Messrs. Courteville Business Solutions Plc; Olamipo Adeola; Witness Godwin-Usoro; Oluseyi Ibileke; Oluwaseun Oyelere; Kehinde Adeyemi; Olutobi Osanaiye; Adedamola Oloko; Doluwamu Adaramola; Chima Nwachukwu and Victor Oteri.