Experts Urge Broader Insurance Upgrades Beyond Recapitalisation
Industry experts have emphasized that Nigeria’s current insurance recapitalisation must be complemented by significant investments in skills development, technology, and market expansion to provide genuine value to the economy and its citizens.
Edwin Igbiti, former President of the Chartered Insurance Institute of Nigeria, articulated that this pivotal phase necessitates thorough self-assessment and reinvention among industry professionals. “We all have to discover ourselves,” Igbiti stated, highlighting the importance of enhancing customer awareness in an evolving market environment.
Igbiti noted that while recapitalisation opens avenues for investment, it is crucial to modernize operations and extend coverage to often overlooked populations. He advocated for accelerating underwriting processes through technology to comprehensively address the needs of underserved demographics.
As the industry confronts a rapidly informed clientele, he stressed the necessity of enhancing skills and adopting a forward-thinking mindset. “We need to upskill ourselves,” Igbiti affirmed, pointing out that this requirement spans the entire insurance value chain, from underwriters to brokers and loss adjusters.
Tope Daramola, the Executive Secretary and Chief Executive Officer of the Nigerian Council of Registered Insurance Brokers, echoed these sentiments, indicating that the industry is entering a consolidation phase that brings both challenges and opportunities. As insurance companies strengthen their capital, brokers will play a crucial role in expanding market reach.
Daramola explained that the ongoing consolidation will broaden underwriting capabilities. It will increase the responsibility on brokers to grow their client base, ensuring that insurance reforms translate into tangible market growth. “Brokers are the foot soldiers of the industry,” he emphasized.
Moreover, Daramola underscored the need for strong professionalism and ethical standards for sustained growth and consolidation within the industry. Knowledge enhancement among brokers is imperative to educate clients effectively about maximizing their insurance benefits.
As PwC notes in its 2026 outlook, the insurance sector is poised to drive economic growth, with significant investor interest projected. Initiatives like the Nigerian Insurance Industry Reform Act (NIIRA) aim to deepen market reach and consumer trust, bolstered by innovations from insurtech collaborations between NAICOM and fintechs.
In pursuit of these advancements, the Nigerian Insurers Association has begun capacity-building workshops focusing on compulsory insurance, marking a step toward strengthening implementation of the NIIRA 2025. The recent event in Lagos saw participation from over 40 underwriters, highlighting the industry’s commitment to ongoing education and reform.
