️ Beyond Bigger Capital: Experts Say Nigeria’s Insurance Sector Needs Skills, Tech & Market Expansion
Industry experts have warned that insurance recapitalisation alone is not enough to transform Nigeria’s insurance sector, stressing that skills development, technology adoption, ethical practice, and market expansion must go hand in hand to deliver real value to the economy and the public.
Recapitalisation Is Just the Starting Point
Speaking on the state of the industry, Mr. Edwin Igbiti, former President of the Chartered Insurance Institute of Nigeria (CIIN), said the recapitalisation exercise should trigger a deep reinvention within the industry.
According to him:
• Recapitalisation creates room for fresh investments
• But insurers must use this opportunity to modernise operations
• Greater focus is needed on customer awareness and underserved populations
“We all have to rediscover ourselves… break the barrier of customer awareness,” he said.
Technology & Speed Are Now Non-Negotiable
Igbiti noted that technology has become a core pillar of modern insurance:
• Faster and more efficient underwriting
• Improved distribution channels
• Wider access to insurance products for the mass market
He stressed that compulsory insurance expansion should push insurers to upgrade how they underwrite, sell, and service policies.
Skills Upgrade Across the Value Chain
A key message from the experts was clear: everyone must upskill.
This includes:
• Insurers
• Brokers
• Loss adjusters
• Other insurance professionals
As clients become more informed and demanding, professionals must upgrade both their technical competence and mindset to remain relevant.
Consolidation Brings New Opportunities—and Pressure
Echoing similar views, Mr. Tope Daramola, Executive Secretary/CEO of the Nigerian Council of Registered Insurance Brokers (NCRIB), said the industry has entered a consolidation phase that will gather momentum this year.
According to him:
• Consolidation will strengthen insurers’ capital and underwriting capacity
• Brokers will face both new challenges and fresh opportunities
• Brokers will play a central role in turning reforms into real market growth
“Insurance brokers are the foot soldiers of the industry,” Daramola said.
⚖️ Ethics and Professionalism Matter More Than Ever
Daramola stressed that market expansion cannot happen without ethics:
• Professional conduct is key to sustaining growth
• Strong ethical standards are essential during consolidation
• Brokers must be equipped intellectually to educate clients and maximise insurance value
Why the Sector Matters for Nigeria’s Economy
Professional services firm PwC identified insurance as a key growth driver in 2026, alongside ICT, finance, and real estate.
Key highlights:
• Finance and insurance attracted over 92% of capital importation in Q1 2025
• Foreign inflows reached about $3.1bn
• The National Insurance Industry Reform Act (NIIRA) 2025 is expected to:
• Raise minimum capital requirements
• Expand compulsory insurance
• Improve consumer trust
• Deepen market reach
PwC also noted growing momentum in insurtech, driven by collaboration between NAICOM and fintech firms.
Capacity Building Already Underway
To strengthen implementation of the NIIRA 2025:
• The Nigerian Insurers Association (NIA) has begun training underwriters
• A two-day workshop on Compulsory Container Insurance was held in Lagos
• Over 40 underwriters participated
The NIA Director-General, Mrs. Bola Odukale, emphasised that a strong, well-regulated insurance industry is vital for:
• Economic growth
• Investor confidence
• Public protection
Big Picture Takeaway
Experts agree that:
• Capital is important
• Skills are critical
• Technology is essential
• ⚖️ Ethics are non-negotiable
• Market expansion is the goal
Recapitalisation is necessary—but without people, processes, and platforms, it won’t deliver lasting impact.
Industry experts have warned that insurance recapitalisation alone is not enough to transform Nigeria’s insurance sector, stressing that skills development, technology adoption, ethical practice, and market expansion must go hand in hand to deliver real value to the economy and the public.
Recapitalisation Is Just the Starting Point
Speaking on the state of the industry, Mr. Edwin Igbiti, former President of the Chartered Insurance Institute of Nigeria (CIIN), said the recapitalisation exercise should trigger a deep reinvention within the industry.
According to him:
• Recapitalisation creates room for fresh investments
• But insurers must use this opportunity to modernise operations
• Greater focus is needed on customer awareness and underserved populations
“We all have to rediscover ourselves… break the barrier of customer awareness,” he said.
Technology & Speed Are Now Non-Negotiable
Igbiti noted that technology has become a core pillar of modern insurance:
• Faster and more efficient underwriting
• Improved distribution channels
• Wider access to insurance products for the mass market
He stressed that compulsory insurance expansion should push insurers to upgrade how they underwrite, sell, and service policies.
Skills Upgrade Across the Value Chain
A key message from the experts was clear: everyone must upskill.
This includes:
• Insurers
• Brokers
• Loss adjusters
• Other insurance professionals
As clients become more informed and demanding, professionals must upgrade both their technical competence and mindset to remain relevant.
Consolidation Brings New Opportunities—and Pressure
Echoing similar views, Mr. Tope Daramola, Executive Secretary/CEO of the Nigerian Council of Registered Insurance Brokers (NCRIB), said the industry has entered a consolidation phase that will gather momentum this year.
According to him:
• Consolidation will strengthen insurers’ capital and underwriting capacity
• Brokers will face both new challenges and fresh opportunities
• Brokers will play a central role in turning reforms into real market growth
“Insurance brokers are the foot soldiers of the industry,” Daramola said.
⚖️ Ethics and Professionalism Matter More Than Ever
Daramola stressed that market expansion cannot happen without ethics:
• Professional conduct is key to sustaining growth
• Strong ethical standards are essential during consolidation
• Brokers must be equipped intellectually to educate clients and maximise insurance value
Why the Sector Matters for Nigeria’s Economy
Professional services firm PwC identified insurance as a key growth driver in 2026, alongside ICT, finance, and real estate.
Key highlights:
• Finance and insurance attracted over 92% of capital importation in Q1 2025
• Foreign inflows reached about $3.1bn
• The National Insurance Industry Reform Act (NIIRA) 2025 is expected to:
• Raise minimum capital requirements
• Expand compulsory insurance
• Improve consumer trust
• Deepen market reach
PwC also noted growing momentum in insurtech, driven by collaboration between NAICOM and fintech firms.
Capacity Building Already Underway
To strengthen implementation of the NIIRA 2025:
• The Nigerian Insurers Association (NIA) has begun training underwriters
• A two-day workshop on Compulsory Container Insurance was held in Lagos
• Over 40 underwriters participated
The NIA Director-General, Mrs. Bola Odukale, emphasised that a strong, well-regulated insurance industry is vital for:
• Economic growth
• Investor confidence
• Public protection
Big Picture Takeaway
Experts agree that:
• Capital is important
• Skills are critical
• Technology is essential
• ⚖️ Ethics are non-negotiable
• Market expansion is the goal
Recapitalisation is necessary—but without people, processes, and platforms, it won’t deliver lasting impact.