The President, Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Ekeoma Ezeibe has identified the exclusion of pensions and micro insurance drivers, lack of technology as well as ignorance as reasons driving low insurance penetration in Nigeria.
Ezeibe made the observation at the 2026 Inaugural Insurance Week 2026 of Nnamdi Azikiwe University, Awka, with the theme “Insurance for All: Driving Inclusion, Innovation, and Trust”
She regretted that insurance penetration of other countries, including South Africa and Kenya was far higher than that of Nigeria.
According to her, while Nigeria’s insurance penetration is below one percent, that of South Africa is nearly 12 percent, whereas Kenya is above 7 percent.
“To be realistic, looking at South Africa and Kenya vis-a-vis their insurance market, and the drivers of their insurance penetration, you discover they are mostly pensions and micro insurance.
“But in Nigeria, pension, which used to be part of insurance in Nigeria, is now excised with the introduction of the Pension Reforms Act and now domiciled with the National Pension Commission.
“If you check how many trillions are domiciled from Pension Funds with PenCom, you can imagine what will happen if it is brought into the insurance net in Nigeria. This could have shot up just like that of South Africa and Kenya markets.
“Another driver in other countries are micro insurance. Yes, Nigeria hasn’t paid attention to microinsurance until later. As a result, the National Insurance Commission, which is our regulator now started licensing micro insurance companies so they can take care of those not financially included in the insurance safety net.
“The micro insurance companies have been licensed to underwrite businesses from the low-income generators like the artisans, farmers, food vendors, petty traders and others.
“When you congregate all these people into the insurance safety net, you can then appreciate that little drops of water can really make a mighty ocean.
“Another reason for low insurance penetration is because Nigeria has not fully employed technology which is now globally accepted due to its ease of doing business, speed and efficiency characteristics,” she said.
While identifying ignorance as another reason for the insurance low penetration challenge, Ezeibe, the 23rd and 3rd Female President of NCRIB argued that ignorance does not necessarily stem from poverty, saying even certain rich individuals could largely be ignorant as well.
“You hear people say God is their protector. Yes, God does protect. But the same God has given us intelligence for us to apply it towards taking care of ourselves. This is why awareness creation on insurance is very important,” she added.
Ezeibe, who doubles as Chairman, Nigerian Insurance Industry Committee on African Continental Free Trade Area and Trade Agreements, urged the students to resolve to be mentored so they could graduate with the best results.
The Vice-Chancellor, Nnamdi Azikiwe University, Awka, Prof Ugochukwu Anyaehie restated the institution’s commitment to producing innovative, technologically skilled and globally competitive professionals as well as supporting research that would contribute to the modernization of the insurance industry.
He noted that insurance coverage expansion would require stronger partnerships among regulators, insurers, professional bodies, educational institutions, policymakers, and development partners.
He commended the Department of Insurance and Risk Management and its partners for initiating the landmark programme, noting that the future of insurance would increasingly be driven by technology.
The VC also expressed willingness of the University to partner with insurance industry stakeholders including NAICOM, CIIN, NCRIB, insurance companies, and Insurtech firms for institutional support.
“A key strength of this Insurance Week is its emphasis on inclusion and collaboration. Financial inclusion cannot be fully achieved without insurance inclusion.
“I sincerely appreciate the organizations, sponsors, professional bodies, and industry leaders whose support has made this inaugural event possible.
“Your commitment demonstrates a shared vision of building a more informed, protected, and resilient society. I also commend the organizing committee for their dedication and hard work in bringing this vision to reality,” he said.
Describing the Insurance Week as more than an event but the beginning of a movement toward greater awareness, deeper inclusion, stronger trust, and a more resilient future, the VC expressed confidence that the outcomes would inspire meaningful collaborations and reinforce the strategic importance of insurance in national development.
Earlier, the Programme Coordinator, Insurance Programme, Department of Banking and Finance, Faculty of Management Sciences, Prof Ikeotuonye Okonkwo described the theme of the week as both a timely reflection of market demands and an urgent blueprint for national development.
“Our theme for this week is also entirely synchronized with our Insurance programme vision: to advance knowledge-driven, trust-based and technology-enabled risk management solutions that enhance financial security and sustainable economic development across Nigeria and the continent,” he added.
