NEM Insurance executive encourages young engineers to embrace insurance
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The Head of Strategy at NEM Insurance Plc, Mr. Julius Elusakin, has encouraged young engineers to embrace insurance as a critical part of their professional development.
Elusakin made this call while delivering an address at the SEES Light Up Conference 2025, hosted by the Department of Electrical and Electronics Engineering at the University of Lagos on Tuesday.
Speaking on the topic, “Importance of Insurance for Young Engineers,” he emphasized the inseparable link between risk management and engineering practice. He urged aspiring engineers to look beyond technical safety measures and consider insurance as a strategic business tool.
“Engineering is inherently risky,” Elusakin stated. “From design flaws and human errors to environmental factors, engineers face uncertainties daily. While helmets and gloves are good for safety, business-minded engineers must go further by transferring risk, this is where insurance comes in.”
He explained that insurance not only provides financial protection but also ensures business continuity and peace of mind, especially for engineers aiming to transition from classroom theory to real-world entrepreneurship.
Drawing from personal experience and national developments, Elusakin spoke about recent reforms in the Nigerian insurance sector, including the Nigeria Insurance Industry Reform Act (NIIRA) 2025, which raised capitalization thresholds to strengthen the industry and curb capital flight.
He introduced students to key insurance products relevant to engineering, such as: Professional Indemnity, Construction All Risk, Erection All Risk, Computer and Electronics Insurance.
The NEM Insurance executive encouraged students to view insurance not only as a safety net but also as a business asset and a potential career path.
Citing examples like CKDigital, a tech company founded by young engineers, Elusakin highlighted the growing intersection of engineering and finance, stressing the importance of financial literacy from the early stages of an engineer’s career.
“You don’t need to wait 20 years before becoming a corporate engineer,” he said. “Make your move early, understand business, and partner with risk-bearers.”
Elusakin also introduced NEM Insurance Plc, outlining the company’s strong financials, industry recognition, and youth-friendly hiring approach. With assets exceeding N160bn and a recent credit rating upgrade to AA+, NEM remains Nigeria’s leading motor insurance underwriter.
“NEM is always on the lookout for brilliant, creative young graduates ready to shape the future of insurance and engineering,” he added.
