Brokers Target Grassroots To Unlock Nigeria’s Insurance Market Growth

The Nigerian Council of Registered Insurance Brokers (NCRIB), Abuja Area Committee, has intensified efforts to expand insurance adoption across Nigeria by taking awareness campaigns to the grassroots, describing wider public education as key to unlocking the country’s insurance market and improving financial protection for millions of Nigerians.

The renewed commitment formed the focus of discussions at the committee’s monthly professional meeting in Abuja, where insurance brokers, executives and other industry stakeholders reviewed market performance and outlined strategies to deepen insurance penetration through community engagement, improved service delivery and stronger collaboration.

Chairman of the NCRIB Abuja Area Committee, Ojo Babajide Richard, said the council had prioritised grassroots sensitisation to bridge Nigeria’s low insurance penetration, which remains below one per cent.

According to him, the initiative, championed by the council’s national leadership under the president, Ekeoma Ezeibe, seeks to extend insurance awareness to traders, artisans, small business owners and other underserved segments of society.

“Insurance penetration in Nigeria is still way less than one per cent. However, the Nigerian Council of Registered Insurance Brokers has already put strategies in place to take insurance to the grassroots,” Richard said.

He disclosed that the council recently launched its grassroots insurance campaign in Abia State and plans to replicate the programme across other states to improve public understanding of insurance products and encourage wider participation.

Richard noted that increasing insurance adoption would strengthen financial resilience among households and businesses while contributing to national economic development.

He said the monthly professional meetings also provide brokers with opportunities to assess industry trends, exchange experiences and improve service delivery.

“On a monthly basis, professional insurance brokers come together to assess the market, share experiences and see how best we can continue to improve our services to our customers, while also contributing to national economic development,” he said.

Richard further stressed that restoring public confidence through prompt claims settlement and professional service remained critical to attracting more Nigerians to insurance.

“Insurance practitioners must give the right policies and pay claims as and when due, while the insuring public must have confidence that once they take a policy, they will receive their claims,” he added.

NCRIB vice president, Rotimi Adewole, said the Abuja meeting was one of six area committee engagements organised nationwide to strengthen professionalism and equip brokers to drive insurance growth.

He said the council’s current administration had made insurance penetration its flagship agenda and was collaborating with the National Insurance Commission (NAICOM), the Federal Ministry of Finance and state governments to sustain public awareness campaigns across the country.

“Our major focus is insurance penetration. We want people to understand that insurance is not just a necessity but a need to protect investments and livelihoods,” Adewole said.

He attributed the slow uptake of insurance partly to prevailing economic challenges, noting that many households prioritise basic needs over insurance despite its long-term financial benefits.

“When people are struggling to put food on the table and pay school fees, insurance becomes secondary. But as the economy improves and government continues to support the sector, insurance growth will also improve,” he said.

Also speaking, the chief commercial officer of Prudential Zenith Life Insurance, Oluwatosin Adebayo Yusuf, called for stronger collaboration among insurers, brokers and government to accelerate insurance inclusion.

She said expanding affordable insurance products and correcting public misconceptions would help broaden market participation, noting that some policies cost as little as B2,000 to N5,000 annually.

“Insurance should not be the last item on anyone’s list. It should be among the first because it protects people against unexpected losses and secures their future,” she said.

Yusuf maintained that insurance is not exclusive to the wealthy but remains an accessible financial safety net for individuals, families and small businesses across the country.