The Nigerian Council of Registered Insurance Brokers (NCRIB) has raised concerns over Nigeria’s low insurance penetration, revealing that over 70% of Nigerians remain uninsured. With penetration currently at just 4%, the Council says there’s an urgent need for greater awareness and accessibility.
Speaking at a media event in Abuja, Ojo Richard, newly elected Chairman of the NCRIB Abuja Area Committee, called for a shift in mindset, urging Nigerians to view insurance as a “critical financial planning tool” rather than a burden.
To tackle this, NCRIB is launching a nationwide grassroots campaign from June 30 to July 4, targeting markets, schools, and religious centers in cities like Lagos, Ibadan, and Port Harcourt. The initiative will also leverage traditional and digital platforms to engage the public and promote insurance education.
Meanwhile, the National Insurance Commission (NAICOM) is driving reforms focused on consumer protection, digital innovation, financial stability, and expanding access to underserved communities.
“Insurance is not a luxury; it’s a necessity for managing life’s uncertainties,” said NAICOM Commissioner Olusegun Omosehin.
NCRIB President Babatunde Oguntade added that rebuilding trust requires insurers to develop inclusive, customer-focused solutions and ensure prompt, fair claims settlements.
With these efforts, stakeholders hope to transform Nigeria’s insurance landscape and bring financial security to millions still outside the safety net.
