About 70 per cent of Nigerians do not have any form of insurance coverage, according to the Nigerian Council of Registered Insurance Brokers (NCRIB). This figure was revealed by Ojo Richard, the 13th Area Committee Chairman of the Abuja Area Committee of NCRIB, during a recent parley and investiture held in Abuja.
Richard pointed out that despite the gradual increase in awareness, the level of insurance penetration in Nigeria is still low, hovering around 4 per cent. He said most Nigerians, especially the middle class and low-income earners, tend to place insurance at the bottom of their priority list, even though it should be seen as a primary financial safety net.
According to him, “When you look at the uninsured public in Nigeria, they are over 70 per cent. The majority of the middle class and low-income earners in Nigeria see insurance coming last when they set their priorities, but rather, insurance should come first.”
He stressed that insurance is not a burden but a tool for financial planning and protection against future uncertainties. “People need to stop seeing insurance as a waste of money and start seeing it as the best way to plan for emergencies and secure their future,” he said.
Richard also urged insurance practitioners to build trust by underwriting good and reliable policies. He called on the government to implement supportive policies that make it easier for both high and low-income earners to access insurance services.
The theme of the event was “Customer-Centricity: Redefining the Insurance Brokers’ Role, and the Task for Insurance Penetration in Nigeria.” Speaking on this, NCRIB President, Babatunde Oguntade, called for a more customer-focused approach by insurance brokers.
Oguntade noted that understanding the unique needs of customers is key to growing the industry. “The specific role starts from putting yourself in the customer’s shoes, anticipating what the customer really wants. There are no two customers whose needs are the same. When you anticipate, then you build programmes that meet those needs,” he explained.
He added that brokers must be proactive in profiling the risks their clients are exposed to and in crafting policies that suit each client’s situation. This, he said, will ensure that when a loss occurs, the insured will be adequately compensated and not left stranded.
Oguntade also addressed the issue of procrastination among Nigerians regarding insurance. He said many people tend to ignore insurance until it is too late. “The truth is that insurance is often the last item on the checklist, whether for the low or high-income earners. A man who decides to ignore insurance does so at his own peril,” he said.
The NCRIB President assured that the Council will continue to push advocacy initiatives aimed at educating the public and increasing trust in the insurance system. He said public enlightenment campaigns are being expanded to target underserved communities and demystify the process of getting insured.
Oguntade encouraged Nigerians to take insurance seriously as a critical financial planning tool, especially in a country where unexpected events such as fire, flood, medical emergencies, and accidents are common.
He also called on the government and other regulators to provide an enabling environment for the insurance industry to thrive. This includes strengthening enforcement of compulsory insurance policies, improving claims payment processes, and updating laws to suit current market realities.
The NCRIB boss added that with Nigeria’s population of over 200 million people, the potential for the insurance industry to grow is huge. However, this growth will not happen without deliberate efforts by stakeholders to make insurance more accessible, affordable, and trustworthy.
The event brought together several industry professionals, government representatives, and stakeholders who discussed strategies to boost insurance penetration, improve customer relations, and strengthen the image of insurance brokers in Nigeria.
