Stakeholders Push Insurance Adoption As Economic Protection Tool

Insurance stakeholders have called for wider adoption of insurance by families, businesses and institutions, describing it as an important tool for protecting livelihoods, strengthening financial resilience and mitigating economic risks.

The stakeholders made the call at the launch of AXA Mansard’s African Brand Campaign in Lagos, where the company unveiled its “Culture of Care” campaign aimed at changing Nigerians’ perception of insurance and presenting protection as an extension of the country’s longstanding culture of care.

Speaking at the event, Chief Executive Officer of AXA Mansard Insurance, Kunle Ahmed, said insurance should not be viewed merely as a financial product or an expense, but as a practical mechanism for protecting individuals, families, businesses and communities against unforeseen risks.

Ahmed said the campaign was designed to connect insurance with values already deeply rooted in Nigerian society, including family responsibility, communal support and concern for others.

According to him, protection does not begin with an insurance policy, but with people caring for one another, citing parents caring for their children, sons and daughters supporting ageing parents, friends standing by one another during adversity and communities rallying around people facing difficult circumstances.

He said the campaign seeks to celebrate such acts of care while reinforcing the message that people who protect others also deserve to be protected.

Ahmed noted that the campaign was particularly significant against the backdrop of Nigeria’s low insurance penetration, which he said remained below one per cent of GDP when pension contributions were excluded from the calculation.

He said the challenge was not simply a lack of awareness, but also the need to help Nigerians understand insurance as an extension of the care they already demonstrate in their daily lives.

“When a parent purchases health insurance for a child, that is care. When a business protects its employees, that is care,” he said, adding that government initiatives that provide insurance coverage for citizens could equally be viewed as expressions of care.

Ahmed said wider insurance adoption could strengthen the resilience of families and businesses, improve healthcare outcomes, encourage investment and provide greater confidence for entrepreneurs.

He also linked the campaign to ongoing reforms in Nigeria’s insurance sector, saying the recapitalisation exercise was about more than increasing the capital base of insurance companies.

According to him, stronger insurance institutions would be better positioned to absorb larger risks, improve service delivery, invest in innovation and support economic activities across sectors, including agriculture, manufacturing, infrastructure and digital services.

He said AXA Mansard, as part of the global AXA Group, intended to contribute to closing Nigeria’s protection gap by combining financial strength, innovation and global expertise with a deeper understanding of local realities.

Ahmed said the campaign was therefore intended to bridge the gap between what Nigerians already value and what insurance could enable.

He added that the company wanted Nigerians to see insurance not merely as a contract, but as a promise of support when life becomes uncertain.

Also speaking, Chief Executive Officer of AXA Mansard Health, Tope Adeniyi, said the campaign was intended to deepen awareness of the importance of both preventive and curative healthcare.

Adeniyi said the culture of care was embedded in Nigeria’s social fabric, extending from homes and workplaces to communities, industries and public policy.

He emphasised that caring for others should not come at the expense of caring for oneself, particularly for caregivers who often bear significant emotional, physical and financial burdens.

He recalled an encounter with a single mother who had to choose between buying food for her children and obtaining medication, describing the experience as an illustration of the difficult decisions families can face when they lack adequate protection.

Adeniyi said access to health insurance could help prevent health emergencies from becoming financial crises for vulnerable families.

He also highlighted the need to recognise healthcare workers and other professionals who contribute to patient care, including laboratory scientists, radiology personnel, pharmacists and administrative workers.

According to him, the COVID-19 pandemic demonstrated the sacrifices made by healthcare workers and other caregivers who continued working under difficult circumstances to protect lives.

He said AXA Mansard’s healthcare strategy was aimed at providing an end-to-end care process, while also supporting efforts to make healthcare more accessible and convenient.

Adeniyi argued that healthcare should be regarded not only as a social good but also as an economic imperative, stressing that a country could not fully realise its economic potential if large numbers of citizens were unable to access quality healthcare or were pushed into financial hardship by medical expenses.

He said the company’s ambition extended beyond serving customers to contributing to a healthier and more resilient society in which prevention receives greater attention, people seek treatment earlier and financial barriers do not prevent access to essential healthcare.

Adeniyi said AXA’s vision included greater access to equitable and quality healthcare for Nigerians, noting that millions of people remained outside formal insurance protection.

He added that the company had also sought to promote the culture of care through practical initiatives, citing a recent blood donation exercise involving AXA staff.

Adeniyi urged Nigerians to embrace voluntary blood donation and other forms of community support, saying care should be translated from an emotion into concrete action.

“Care is not weakness. Care is strength. Care is not merely an emotion. Care is an action,” he said.

He said closing the protection gap would require a collective effort by insurers, healthcare providers, government, businesses and citizens.

Meanwhile, the Association of Small Business Owners of Nigeria (ASBON), led by its National President, Femi Egbesola, urged insurance managers to develop affordable and simplified micro-insurance packages tailored to the financial realities of Small and Medium Enterprises (SMEs).

Egbesola said SMEs needed stronger insurance and financial safety nets to protect their businesses against economic shocks and other unforeseen risks.

He reiterated ASBON’s position that insurance and pension managers should deepen coverage among SMEs, saying greater access to affordable insurance would help businesses formalise their operations and strengthen their capacity to withstand disruptions.

Speaking on insurance priorities for brands and SMEs, ASBON urged businesses, brands and families to prioritise insurance as part of their broader financial protection strategy.

The association stressed that insurance providers needed to develop products that were affordable, accessible and suited to the peculiar needs and cash-flow realities of small businesses.

The stakeholders said closing Nigeria’s protection gap would require stronger collaboration among insurers, government, businesses, healthcare providers and citizens, with greater emphasis on affordable products, awareness and practical access to insurance.