The Chairman of Rex Insurance Limited, Mr. Ike Chioke, has identified robust frameworks in Nigeria’s insurance and pension sectors as critical foundations for ensuring long-term economic stability and resilience.
Chioke, who is also the Group Managing Director of Afrinvest Limited, made this assertion in a keynote address delivered at the 10th Anniversary Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), held recently in Lagos. His paper was titled “Strengthening Insurance and Pension Frameworks for a Better Economy.”
Represented at the event by Mr. Victor Ndukauba, Group Deputy Managing Director of Afrinvest Limited, Chioke commended NAIPE for its role in advancing public understanding of the sectors, describing the association’s work as pivotal to industry growth.
“The work of NAIPE in demystifying industry practices and promoting awareness has contributed immensely to the growth of these vital sectors,” he said.
Chioke underscored the dual importance of insurance and pensions, describing them as “twin pillars of financial security” that not only protect individuals against risks but also mobilize long-term capital and foster sustainable growth.
“They are not mere financial products,” he added, “they are the backbones of a resilient economy.”
While acknowledging significant progress within the two sectors, Chioke stressed the urgent need to strengthen regulatory frameworks to transform them into engines of economic growth. He pointed to emerging challenges such as Environmental, Social and Governance (ESG) integration, artificial intelligence, cybersecurity, and the shifting realities of the modern workplace, including the rise of the gig economy.
According to him, tackling these issues will require “greater collaboration among stakeholders, increased public awareness, and sustained regulatory innovation to ensure that reforms translate into tangible impacts for the economy.”
Chioke also congratulated NAIPE on its 10th anniversary, noting that the association has become a vital voice in shaping the future of Nigeria’s financial services landscape.
The well-attended event drew key industry stakeholders, including the Commissioner for Insurance, Mr. Olusegun Omosehin; former Commissioner for Insurance, Mr. Sunday Thomas; Director-General of the National Pension Commission (PenCom), Ms. Omolola Bridget Oloworaran; Managing Director/CEO of Rex Insurance, Mrs. Ebelechukwu B. Nwachukwu; and Executive Director of Business Development, Mr. Sunny Uwagboi.
Also present were regulators, corporate communications professionals, and members of NAIPE, who came together to celebrate the association’s achievements and reinforce collaboration across the insurance and pension industries.
