NEWS AGENCY OF NIGERIA
Rector harps on building insurance resilience amid uncertainty

Rector harps on building insurance resilience amid uncertainty

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By Taiye Olayemi

 

Dr Chizoba Ehiogu, Rector of the College of Insurance and Financial Management, has unveiled adaptive strategies to enhance insurance companies’ resilience in times of uncertainty.

 

 

 

Speaking at the 2025 Business Day Insurance Conference on Wednesday in Lagos, Ehiogu stressed the importance of resilience amid weak consumer confidence, persistent inflation, and currency instability.

 

 

 

Addressing the theme, ‘The Business of Insurance: Building Resilience in the Face of Economic Uncertainty’, she urged insurers to explore strategic alliances.

 

 

 

She recommended partnerships with banks, fintech firms, and reinsurers to extend reach, share risks, boost resources, grow market share, and improve credit ratings.

 

 

 

Ehiogu also advised insurance firms to reassess existing portfolios frequently and adjust offerings in line with current economic realities.

 

 

 

“Regularly evaluate products to meet shifting needs. During hardship, offer affordable options to attract cost-conscious customers and boost policy renewals.

 

 

 

“Enhance customer journeys by improving digital interactions and providing personalised services tailored to individual preferences and behaviours,” she said.

 

 

 

She further encouraged the use of data analytics to refine products, improve engagement, foster loyalty, and enhance customer retention.

 

 

 

Ehiogu highlighted the role of human capital and leadership in navigating industry challenges and driving sustainable growth.

 

 

 

She emphasised retaining skilled employees, noting that a motivated workforce is vital for successful adaptation and long-term stability.

 

 

 

“Focus on employee well-being and offer incentives to reduce turnover and maintain essential skills,” she added.

 

 

 

She also stressed the need for resilient leadership capable of managing disruptions and swiftly addressing emerging risks.

 

 

 

“Strong leaders ensure agility, adaptability, and guide strategic responses to enhance market competitiveness,” Ehiogu said.

 

 

 

She recommended attracting top talent in technology and digital innovation through competitive packages and career development opportunities.

 

 

 

On financial performance, Ehiogu noted the importance of sustaining solvency and profitability amid inflation and forex volatility.

 

 

 

“This can be done through strict cost control, especially in claims and administrative processes.

 

 

 

“Streamline operations and use technology to reduce inflationary pressures while supporting profitability and efficiency,” she said.

 

 

 

She added that improving working capital and accelerating cash conversion would also help maintain solvency.

 

 

 

Mr Aminu Tukur, Vice Chairman of Noor Takaful Insurance Ltd., also addressed the event and called for deeper insurance penetration.

 

 

 

He noted that conventional insurance still struggles to reach the grassroots due to trust issues, religious concerns, and affordability challenges. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

NAICOM urges tech-driven rural insurance growth

NAICOM urges tech-driven rural insurance growth

246 total views today

 

 

 

By Taiye Olayemi

 

The National Insurance Commission (NAICOM) has urged insurance stakeholders to unite in using technology to deepen rural insurance penetration across Nigeria.

 

 

 

Mr Olusegun Omosehin, NAICOM’s Commissioner for Insurance, made the call on Wednesday at the 2025 Business Day Insurance Conference in Lagos.

 

 

 

The conference was themed: ‘Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry’.

 

 

 

Omosehin was represented by Mr Ekerete Ola Gam-Ikon, NAICOM’s Deputy Commissioner for Finance and Administration.

 

 

 

He stressed the need for collaboration among insurers, regulators, and policymakers to foster growth within the insurance industry.

 

 

 

Omosehin proposed three strategies to deepen rural penetration: innovate for inclusion; enhance regulatory systems; and promote an insurance culture.

 

 

 

He said, “Technology must be leveraged to reach the underserved in rural areas, informal sectors, and younger populations.

 

 

 

“Microinsurance, digital platforms, and inclusive products should shape our future approach.

 

 

 

“As we grow, we must build accountable systems that use data, protect consumers, and prioritise transparency.

 

 

 

“True penetration means cultural adoption. Insurance must be seen as a tool for stability, not a burden.”

 

 

 

He urged stakeholders to unite for a future where every Nigerian can confidently say, “I am covered.”

 

 

 

The Commissioner highlighted insurance as vital to building national resilience in uncertain times.

 

 

 

He said, “The conference’s theme is timely, reflecting today’s risks and emerging opportunities.

 

 

 

“This event shows our shared commitment to advancing Nigeria’s insurance industry in a complex world.”

 

 

 

He noted the sector faces challenges like geopolitical instability, climate risks, digital shifts, and economic changes.

 

 

 

“Still, one thing is clear – insurance plays a crucial role in national resilience,” he stated.

 

 

 

He added, “All stakeholders must act. This industry touches all sectors and is the largest employer in Nigeria.”

 

 

 

Omosehin outlined NAICOM’s regulatory efforts and its partnerships with government and industry to increase insurance reach.

 

 

 

Mr Tayo Fagbule, Editor at BusinessDay Media Ltd., said the conference aimed to push penetration beyond 1 per cent.

 

 

 

He said the industry must become a cornerstone of economic stability, inclusive growth, and development.

 

 

 

“Through this platform, we seek ideas that will become impactful policies, products, and partnerships,” Fagbule stated.

 

 

 

Meanwhile, Rosetta Aryeetey of Leadway Assurance Plc stressed demystifying insurance to boost public understanding and awareness. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

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