The Commissioner for Insurance, Mr. Sunday Thomas, has set a target for Nigeria’s insurance penetration, projecting a significant increase from the current rate of 0.4 percent to 2.1 percent by 2033. This optimistic goal is part of the recently launched Nigerian Insurance Industry 10 Year Strategic Transformation RoadMap, which aims for a well-coordinated implementation approach.
Mr. Thomas shared this vision at the 2023 Insurance Directors’ Conference organized by the College of Insurance and Financial Management (CIFM) in Lagos. The theme of the conference, “The Board and Insurance Business Sustainability,” highlighted the crucial role of governance in achieving sustainability in the insurance sector.
The Commissioner emphasized that the insurance sector’s commitment to supporting Nigeria’s economic transformation and sustainability agenda is reflected in the strategic transformation roadmap. He outlined key focus areas, stating, “Following the industry’s strategic transformation roadmap, the sector seeks to continue its transformation journey, transforming the regulatory environment to sustain industry growth, transitioning to a risk-based capital model, and promoting insurance awareness and adoption.”
Mr. Thomas outlined the strategic initiatives that will contribute to achieving the targeted insurance penetration, including broadening insurance product offerings, improving the effectiveness of distribution channels, enhancing the digitalization of the insurance industry, and deepening the industry’s talent pool and capabilities. He emphasized that achieving a higher degree of insurance penetration would not only benefit the industry but also elevate Nigeria’s standing on the world insurance map. The Commissioner’s vision aligns with a comprehensive approach to transform the insurance landscape, making it more accessible, dynamic, and responsive to the evolving needs of the Nigerian populace
