By Oluwakemi Kindness
Nigeria’s insurance industry must find new ways to compete for the attention and spending of Nigerians, particularly young people who readily participate in betting and pools.
The Group Managing Director of Sahara Power Group, Dr. Kola Adesina, made the call on Thursday in Abuja at the unveiling of the Insurance Sector Strengthening Programme (ISSP) by NAICOM.
He said insurers must understand where Nigerians spend their money and why they participate in activities such as betting, rather than relying mainly on legislation and regulation to drive insurance uptake.
“If we require legislation to sell insurance perpetually, we’ll continue to underperform,” he said.
Adesina challenged insurers to examine the betting market and consider how the industry could make insurance more relevant to people who routinely engage in risk-based activities.
“What is it that we can offer that will pull away some of these people from speculating with Baba Jebu, but rather they should come to our insurance world for better speculation?” he asked.
He urged insurers to look beyond conventional distribution channels and take insurance awareness to universities, markets, farms, prisons and other places where Nigerians live and work.
Adesina also stressed the need for the industry to understand Nigeria’s predominantly young population and adapt its approach to their changing interests and expectations.
Earlier, the Commissioner for Insurance, Olusegun Omosehin, said the ISSP would address major challenges limiting the development of Nigeria’s insurance industry.
Omosehin identified low public awareness, weak trust, capacity gaps and fragmented distribution channels among the sector’s key challenges.
He said the programme would focus on advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and MSME and value-chain development.
The Commissioner said the regulator would support innovation while maintaining standards for consumer protection, solvency, transparency and public trust.
He said the next phase of insurance growth must be built on responsible underwriting, adequate capitalisation, good governance, transparent operations and prompt claims settlement.
Omosehin also identified digital transformation as critical to the industry’s future, saying Nigerians increasingly expect convenience, transparency and personalised financial solutions.
Meanwhile, Senator Mukhail Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, called for stronger institutions, effective regulation and greater collaboration to move insurance into the mainstream of Nigeria’s economy.
Abiru said recent reforms, including recapitalisation, should strengthen insurers’ capacity to underwrite large risks and support infrastructure and investment.
He said legislation alone would not transform the sector without effective implementation, stronger governance, consumer protection, innovation and public trust.
Also speaking, Funmike Soji-Nuga, representing the Canadian High Commission, said a stronger insurance industry was important to Nigeria’s economic growth and investment climate.
She called for deeper Nigeria-Canada cooperation to strengthen regulation, innovation and industry development.
