The President of the Nigerian Council of Registered Insurance Brokers, Ekeoma Ezeibe, has commended ongoing reforms by various levels of government, noting that they are creating significant opportunities for infrastructure development and insurance growth across Nigeria.
Speaking at the April edition of the NCRIB Members’ Evening, hosted by Universal Insurance Plc, Ezeibe stated that the reforms are generating large-scale insurable assets nationwide.
According to her, recent policy changes—including foreign exchange market unification, subsidy reforms, and tax restructuring—are unlocking economic value and improving transparency.
She highlighted key infrastructure initiatives such as the Lagos-Calabar Coastal Highway, new industrial roads in Abia State, and the Presidential CNG Initiative, noting that these projects are reducing logistics costs and supporting small and medium-sized enterprises (SMEs).
Ezeibe explained that these developments present significant opportunities for the insurance industry.
“New roads require Builders’ Liability insurance; CNG fleets demand Motor and Goods-in-Transit coverage; and the formalisation of SMEs increases demand for Group Life and asset protection policies. Infrastructure bonds also require performance guarantees,” she said.
She emphasized that the NCRIB is committed to ensuring that insurance brokers effectively translate national economic growth into increased insurance penetration.
Ezeibe also expressed concern about the relatively low contribution of the insurance sector to Nigeria’s economy, stressing the need for greater industry participation in emerging opportunities.
At the event, she endorsed Universal Insurance Plc as a reliable underwriting firm deserving of brokers’ continued patronage.
In his remarks, the Managing Director and Chief Executive Officer of Universal Insurance Plc, Japhet Duru, acknowledged the critical role of brokers in the company’s growth and the broader insurance ecosystem.
“Brokers remain the backbone of insurance distribution. They are not merely intermediaries but trusted advisors and strategic partners in our growth journey,” he said.
Duru added that the company has, over the years, taken deliberate steps to strengthen its relationship with brokers through collaboration, transparency, and shared objectives.
He reaffirmed the company’s commitment to deepening these partnerships as part of its long-term growth strategy.
