Stakeholders in Nigeria’s insurance industry have called for renewed focus on resilience and technology-driven expansion as the sector continues to grapple with low market penetration and structural challenges.
Speaking at the 25th Adetunji Ogunkanmi Memorial Lecture themed “Beyond Insurance: Building Resilience, Health, and Legacy,” industry experts underscored the need for broader inclusion and stronger engagement with everyday Nigerians.
The Managing Director of the Nigeria Liability Insurance Pool, Adeyinka Adekoya, warned that the sector’s continued reliance on corporate clients was stifling growth. She described the retail segment as a largely untapped market that insurers have failed to adequately serve.
“Resilience is the root of everything we are discussing here,” Adekoya said. “But one thing missing in the Nigerian insurance sector today is penetration of the retail market. Most insurers target corporate businesses, yet if we want the masses to benefit from insurance, deliberate efforts must be made to tailor products for ordinary Nigerians.”
Adekoya criticised the industry’s slow pace of innovation and urged insurers to rethink product design, expand distribution channels, and fully embrace digital platforms. Without technology, she noted, efforts to reach underserved regions would fall short.
“The truth is, I don’t think we are doing enough in selling insurance, and that’s why penetration remains very low,” she said. “With a population of over 200 million, insurance penetration should be at least 10 to 15 per cent, not three per cent.”
According to her, adopting fintech-style models could dramatically boost reach and convenience, making coverage more accessible to consumers across socio-economic groups.
Adekoya also pointed to opportunities within the newly enacted Nigerian Insurance Act, which replaces the 2003 law, but stressed that compulsory policies alone would not drive growth without products that genuinely appeal to consumers.
The keynote speaker and Managing Director/CEO of Cornerstone Insurance Plc, Stephen Alangbo, echoed the call for resilience, linking it to growing environmental and political uncertainties. He emphasised the role of health and legacy in building a stable future, both individually and nationally.
“For us in this part of the world, we need resilience because a lot of things are working against us—from climate change to political instabilities,” Alangbo said. “If you have all the money but you don’t have health, you are poor.”
He added that legacy-building—whether personal or institutional—requires deliberate sacrifice and vision.
Alangbo acknowledged that insurance penetration in Nigeria remains suboptimal but expressed optimism, pointing to reforms from the Presidency, the National Insurance Commission, and the Nigerian Insurers Association.
“With compulsory insurance and the new NIRA framework, the future of the industry is brighter,” he said. “I won’t be surprised if, like in South Africa and some Western countries, insurance-owned banks become strong players in Nigeria very soon.”
