Chairman of Nigerian Insurers Association, NIA, Mr. Kunle Ahmed, has said that the insurance industry has a role to play in de-risking vital sectors, driving financial inclusion, and creating a resilient economic framework as the government embarks on various economic reforms.
He stated: “With the government outlining ambitious priorities for socio-economic transformation, there is an increasing need for industries that can support this vision. One such industry is insurance—an often overlooked but critical player in economic development. “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.”
According to him, globally, insurance has proven to be a powerful tool for stabilizing economies, protecting investments, and providing the financial resilience that allows societies to thrive. But he lamented that, “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.”
He listed his strategic focus as the new NIA Chairman to include: customer-centricity, digital transformation, commitment to excellence, advocacy and collaboration, as well as education and awareness.
On customer-centricity, Ahmed said: “Enhancing customer satisfaction will be our priority. This will involve driving programs, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in our operations.”
On digital transformation, he said: “Our sector has historically been slow to adopt digital solutions. Moving forward, embracing digital innovation will be essential.”
On education and awareness, he said: “Raising awareness about the importance of insurance is vital not just for our industry growth but for our economic development. We will expand our outreach initiatives, including educational programs in schools and partnerships with your esteemed media organization and institutions to disseminate information about insurance products and their benefits”.
[Vanguard]