Insurance industry, entertainment stakeholders seek stronger collaboration to drive creative economy
Nike Popoola
Nigeria’s insurance industry and key players in the entertainment sector have reaffirmed their commitment to forging a stronger partnership aimed at boosting the nation’s creative economy through improved risk management and tailored insurance solutions.
Speaking at the Insurtainment Policy & Industry Forum in Lagos on Tuesday, designed to deepen engagement between both sectors, the Chairman of the House Committee on Insurance and Actuarial Matters, Rt. Hon. Usman Jaha, described the gathering as a deliberate step toward integrating insurance into Nigeria’s entertainment and creative ecosystem.
The event was well attended by prominent Nollywood actors, as well as other stakeholders in the entertainment and insurance industry.
Jaha said the National Assembly, through his committee, had continued to support legislative and policy reforms that would strengthen the insurance sector, encourage innovation, improve consumer confidence, and expand insurance inclusion across all sectors of the economy, including the creative industry.
According to him, a resilient entertainment industry requires effective risk management. He added that lawmakers were committed to working with regulators, insurance operators, entertainment stakeholders, and policymakers to create an enabling legal and regulatory environment that promotes investment, protects livelihoods, and increases the creative sector’s contribution to Nigeria’s Gross Domestic Product.
Also speaking, Managing Director and Chief Executive Officer of the Nigerian Film Corporation, Dr. Ali Nuhu, stressed that risk management remains central to building a sustainable creative economy.
He noted that while Nigeria’s film industry has thrived on passion, talent, and resilience, growing investments in content development and distribution demand stronger safeguards.
“One incident can undo months of work,” Nuhu said, citing equipment failure, adverse weather, fire outbreaks, illness among cast and crew members, and loss of post-production data as risks capable of causing significant financial losses and disrupting productions.
He noted that globally, insurance is regarded as a strategic business partner in film production, adding that financiers, streaming platforms, and co-production partners increasingly consider risk protection measures before committing funds.
Nuhu advocated the development of film-specific insurance products, including production insurance, completion bonds, liability and Errors & Omissions cover, as well as affordable micro-policies for independent filmmakers.
The immediate past Executive Director of the Nigerian Film and Video Censors Board, Alhaji Adedayo Thomas, also highlighted the benefits of insurance, recalling that group life insurance claims for staff members were promptly settled during his tenure.
Participants at the forum agreed that a new era of collaboration had begun, with the insurance industry pledging to provide innovative solutions covering equipment, personnel, intellectual property, cyber threats, and copyright infringements across the creative value chain.
