Poor Insurance Penetration: Brokers Raise Concerns

OMOARELOJIE Ernest, Abuja 

The Nigerian Council of Registered Insurance Brokers, NCRIB, has raised fresh concerns over the country’s low insurance penetration. The group, which made the disclosure at a parley and investiture ceremony in Abuja on Saturday, revealed that over 70% of Nigerians remain without any form of insurance cover.

At the high level meeting with stakeholders, NCRIB called for a national shift in perception towards insurance.

Speaking at the event, the newly inaugurated 13th Area Committee Chairman of the Abuja Area of NCRIB, Ojo Richard, emphasised that Nigerians must begin to see insurance not as a burden, but as a critical financial planning tool.

He described the current level of insurance penetration in the country as approximately 4 per cent, a figure he described as “fast increasing but still grossly inadequate.”

“Majority of the middle class and low-income earners in Nigeria place insurance last on their priority list. That narrative must change. Insurance should come first,” he stated.

In order to combat this challenge, Richard outlined NCRIB’s renewed advocacy drive targeting individuals and businesses.

He said the Council was ramping up grassroots engagement and will be embarking on a nationwide campaign from June 30 to July 4 across major cities including Lagos, Ibadan, and Port Harcourt.

The campaign, according to Richard, will involve roadshows, engagements at markets, religious centers, and schools.

NCRIB, he said, is also using both traditional and digital media to spread awareness.

“We are even creating endowment funds to encourage young people to study insurance and join the industry. Insurance clubs are being established in secondary schools. We’re thinking long-term,” he said.

Also, NCRIB President, Prince Babatunde Oguntade, urged Nigerians to stop procrastinating and embrace insurance as a safeguard against life’s uncertainties. He highlighted the council’s new direction towards “customer-centricity”-an approach focused on tailoring insurance policies to the specific needs of individuals.

“No two customers are the same. The role of brokers is to feel the pulse of each client and develop policies that truly meet their needs,” Oguntade noted.

He stressed the importance of insurers profiling clients’ risks accurately and ensuring that when losses occur, payouts are prompt and fair-an approach he said will rebuild trust in the sector