NCRIB President’s vision for unified insurance industry to boost Nigeria’s economy
L-R: Vice President of the Nigerian Council of Registered Insurance Brokers, Mr. Oluwarotimi Adewole; Deputy President, Mrs. Olufunke Adenusi, mni; President, Mrs. Ekeoma Ezeibe; Managing Director/CEO, Prudential Zenith Life Insurance, Mrs. Funmi Omo and Chief Commercial Officer, Oluwatosin Adebayo-Yusuf at the December edition of NCRIB Members' Evening sponsored by Prudential Zenith Life Insurance held in Lagos
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The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe, has revealed that her vision for a unified insurance industry in Nigeria has the potential to significantly boost the country’s economy.
In a speech delivered at the Council’s Members’ Evening, Mrs. Ezeibe emphasized the need for the insurance industry to work together as one powerful force, shedding silos and fragmentation, to drive growth, innovation, and trust.
According to her, “Nigeria’s insurance industry has immense potential, but we need growth with purpose. Purpose that puts the customer first, empowers brokers, and makes insurance indispensable to every Nigerian.”
Experts believe that a unified insurance industry could contribute significantly to Nigeria’s GDP, currently estimated at $477 billion. The insurance sector currently accounts for less than 1% of the country’s GDP, indicating significant room for growth.
She noted that her vision for a unified industry was anchored on four key areas: Capacity Building, Industry Advocacy, Innovation and Technology, and Member Engagement.
She added that her administration planed to collaborate with stakeholders, including insurers, regulators, and other industry associations, to create an enabling environment for the industry to thrive.
The NCRIB President also highlighted the challenges facing the industry, including low insurance penetration, trust deficits, and complex regulations. However, she viewed these challenges as opportunities for collaboration, innovation, and growth.
She opined that the Nigeria’s insurance industry was poised for growth, and with the right leadership could unlock its full potential,
“We are committed to working with the NCRIB leadership to achieve this vision,” said the Managing Director, Prudential Zenith Life Insurance, the company that sponsored the event.
Mrs. Omo noted, “Together, we can make Nigeria’s insurance industry a major player in the global market.”
