By Benson Daniel
The Managing Director of Veritas Kapital Assurance Plc has called for stronger collaboration among regulators, insurers and technology providers to deepen insurance penetration in Nigeria, stressing that innovation, public awareness and digital transformation are essential to unlocking the sector’s growth potential.
The insurance executive noted that despite Nigeria’s large population and expanding economy, insurance penetration remains among the lowest in Africa, leaving millions of individuals and businesses without adequate financial protection against unforeseen risks.
According to the managing director, increasing public confidence in insurance products will require operators to develop affordable, customer focused solutions that address the everyday needs of households, small businesses and corporate organisations. He added that simplifying policy terms and improving claims settlement would also encourage greater participation in the sector.
The executive highlighted digital technology as a major driver of future growth, urging insurance companies to leverage mobile applications, online platforms, artificial intelligence and data analytics to make insurance products more accessible, efficient and responsive to customer needs.
Industry stakeholders also emphasised the importance of financial literacy and sustained public education to dispel misconceptions about insurance. They argued that many Nigerians remain unaware of the benefits of insurance due to limited awareness campaigns and inadequate understanding of available products.
The managing director further called for stronger partnerships between insurers, financial institutions, fintech companies and government agencies to expand access to insurance services, particularly among underserved communities and small and medium sized enterprises.
Experts believe that increasing insurance penetration would enhance financial resilience, support business continuity and reduce the economic impact of disasters, accidents and other unforeseen events on individuals and organisations. They also noted that a stronger insurance sector could mobilise long term investment capital to support national economic development.
Analysts said the industry’s future growth will depend on continued regulatory reforms, technological innovation and customer centric business models capable of improving service delivery and rebuilding public trust.
As Nigeria pursues broader financial sector reforms, stakeholders maintain that expanding insurance coverage remains critical to strengthening financial inclusion, promoting economic stability and ensuring that more citizens have access to reliable risk protection solutions.
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