Insurance Recapitalisation, Public Awareness Key to Market Penetration – Odukale

The Director-General of the Nigerian Insurers Association, NIA, Mrs. Bola Odukale, has identified recapitalisation, public awareness, improved distribution channels and financial education as key measures to deepen insurance penetration in Nigeria.

Odukale said a stronger and more resilient insurance industry would be better positioned to underwrite larger risks, expand its market reach and increase its contribution to the nation’s Gross Domestic Product, GDP.

She stated this while speaking on efforts to improve insurance penetration, noting that the industry had continued to introduce measures aimed at addressing longstanding challenges and expanding access to insurance services.

According to her, recapitalisation would enable insurance companies to build greater capacity to take on more risks, thereby strengthening the industry’s ability to serve individuals and businesses.

“Recapitalisation in itself is also an enabling factor as far as market penetration is concerned. So, you have a bigger market now, a more resilient market,” she said.

The NIA Director-General, however, stressed that strengthening the industry’s financial capacity must be complemented by sustained public awareness campaigns to address misconceptions about insurance and demonstrate its practical benefits.

She observed that a major challenge facing the industry over the years had been the perception that insurance was merely an expense, rather than an investment that provides financial protection and supports business continuity.

Odukale explained that insurance protects individuals and organisations against financial losses, enhances resilience and enables businesses to recover when unexpected events occur.

She said the association would continue to intensify awareness campaigns to educate the public on the value of insurance and encourage more Nigerians to embrace appropriate insurance policies.

The NIA chief also emphasised the need to improve insurance distribution channels to ensure that people in different parts of the country, including Uyo and Calabar, could conveniently access insurance products and services.

She noted that expanding access to insurance was essential to promoting financial inclusion and ensuring that insurance services reached people at the grassroots.

Beyond compensating policyholders after losses, Odukale said insurance also played an important role in risk management by helping individuals and businesses identify and mitigate potential risks before they resulted in losses.

According to her, greater public understanding of insurance would encourage Nigerians to take preventive measures and secure appropriate coverage instead of relying solely on government assistance or public appeals when disasters occur.

She further urged the media to support the industry’s public education efforts by reporting successful claims settlements and highlighting cases in which policyholders had received compensation.

Odukale said the industry was keen to communicate its achievements and demonstrate that insurance companies pay legitimate claims in accordance with policy terms.

“We want to talk and we want to tell our stories now. Let the people know that insurance pays claims,” she said.

She encouraged insurance customers to share their experiences of claims payments, while urging journalists to give greater visibility to such stories to build public confidence in the industry.

Odukale maintained that sustained education, improved accessibility, effective risk management and positive communication about claims settlements would help strengthen trust and encourage wider adoption of insurance across Nigeria.

Photo Caption: Mrs. Bola Odukale, Director General, NIA.

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