Industry experts have emphasised that Nigeria’s ongoing insurance recapitalisation must be paired with investments in technology, skills development, and market expansion to deliver tangible value to the economy and the public.
Speaking on the sector’s current state, former President of the Chartered Insurance Institute of Nigeria, Edwin Igbiti, urged professionals to undertake deep self-assessment and reinvention. “Recapitalisation creates room for investment, but that opportunity must be used to modernise operations and expand coverage, particularly to underserved populations,” he said. Igbiti added that leveraging technology and improving underwriting processes is essential to reach a broader demographic.
Echoing this view, Tope Daramola, Executive Secretary and CEO of the Nigerian Council of Registered Insurance Brokers, highlighted the consolidation phase in the industry, which presents both challenges and opportunities, especially for brokers. He stressed that brokers are central to expanding insurance penetration and converting regulatory reforms, such as the National Insurance Industry Reform Act (NIIRA) 2025, into real market growth.
Daramola noted, “Growth and consolidation cannot be sustained without brokers adhering to professional and ethical standards. Their knowledge and capacity to educate clients will determine how effectively the new capital base translates into industry expansion.”
PwC’s 2026 outlook underlined insurance as a key driver of economic growth, alongside ICT, finance, and real estate. The consultancy projected rising investor interest and the continuation of insurtech adoption, which would enhance product innovation, access, and market reach.
To reinforce these reforms, the Nigerian Insurers Association (NIA) recently organised a two-day workshop on Compulsory Container Insurance under Section 203 of the NIIRA 2025 in Lagos. Over 40 underwriters attended the training, which focused on improving professional capacity, implementing compulsory insurance provisions, and boosting industry contributions to national economic development.
Experts agreed that while recapitalisation is a necessary step, sustainable growth in Nigeria’s insurance sector depends on skilled professionals, ethical practice, modern technology, and deliberate efforts to expand coverage and market participation.
