“Globally, insurance has proven to be a powerful tool for stabilising economies, protecting investments, and providing the financial resilience that allows societies to thrive. However, in Nigeria, depending on your source of data, insurance penetration remains strikingly low. We currently lag far behind African and global averages despite being one of the continent’s largest economies.”
This is captured in the establishing statement at the ‘Media Unveiling’ of Kunle Ahmed as the 26th Chairman of the Nigerian Insurers Association at the Insurers House on Saka Tinubu Street Victoria Island, Lagos.
However, these stark reality does not deter Ahmed from focusing on the opportunities for growth in the Nigeria economy. Nonetheless, his mission to go for the latent and untapped insurance lifeline would need realignment and focus on the goal getters space. He spins his tenure approach this way, “To turn these challenges into opportunities for the growth of our industry and the prosperity of our nation, we will focus strategically on the following areas: Customer-Centricity, Digital Transformation, Commitment to Excellence, Advocacy and Collaboration and Education and Awareness. according to him ace to achieve these is engagement on all fronts to get desired results
These guiding beacons he said, not only fit into the role of supporting government ambitious priorities for socio-economic transformation but also place the insurance industry in the pedestal leap growth. In a clime such as present Nigeria, NIA Chairman said its not unusual to overlook insurance industry, but without any stretch of doubt, he insist that insurance is qualified as a critical player in economic development.
“As we navigate a complex socio-economic environment in our country today, our insurance industry also finds itself at a critical juncture. Our nation’s challenges- from inflation to insecurity concerns are significant and have increased the risk profile of individuals and organisations,” he stated
Upbeat that the insurance sector is equipped and could trigger its charge to secure all insured risks, Ahmed dashed for it, “However, these challenges equally present our industry with unique opportunities for growth and innovation. The recent increase in Foreign Direct Investment, which reached $3.3 million in Q1 2024, signals a renewed interest in our market. This is a moment for us to harness this momentum and reshape our industry for the future.”
“As we move forward, the role of insurance in de-risking vital sectors, driving financial inclusion, and creating a resilient economic framework cannot be overstated,” he declared.
Adjunct to this declaration he explained is the need the dire need to focus on improving “our claims processes, ensuring we fulfill promises and exceed expectations. The recent growth in claims paid – N536.5bn in 2023 – demonstrates our dedication to our clients. However, we recognise that there is more work to be done and will continue to improve the process to enhance the trust and confidence of our stakeholders.”
Featured story, L-R: Mrs Bola Odukale, Director General/CEO, Nigerian Insurers Association (NIA); Mr. Kunle Ahmed, Chairman, NIA; Mr. Jide Orimolade, Chairman, Publicity sub-Committee of the 26th Chairman, NIA investiture, during the Media Unveiling of Mr. Kunle Ahmed, the 26th Chairman of the Nigerian Insurers Association, held at Insurers House, in Victoria Island, Lagos on Wednesday.
