The Nigerian Council of Registered Insurance Brokers (NCRIB) has projected that Nigeria’s insurance penetration could reach three per cent within the next three years.
The Council attributed this optimism to the steady expansion of brokerage activities and stricter enforcement of compulsory insurance across states under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Outgoing NCRIB President, Prince Babatunde Oguntade, made this known during a media briefing in Lagos on Tuesday while reviewing his tenure and assessing market performance.
Oguntade also introduced the incoming President, Mrs Ekeoma Ezeibe, who will lead the Council’s next phase of growth.
He said brokers remained the driving force of the insurance industry, accounting for about 70 per cent of total business generated in the market.
Oguntade noted that Lagos had long dominated insurance activities, but other regions were beginning to record notable improvements in business turnover and policy uptake.
He added that more states were now domesticating group life insurance laws, a move that would naturally drive penetration and strengthen compliance across the country.
“With NIIRA 2025, we expect insurance penetration to reach three per cent within three years,” Oguntade said.
He revealed that industry data showed strong growth nationwide, with over 40 new brokers joining the Council in the past year.
Reflecting on his tenure, Oguntade highlighted milestones such as the completion of the NCRIB Secretariat Building within eight months and enhanced engagement with regulators.
He said the Council had prioritised professionalism, fairness, and ethical practice through consistent advocacy and member protection from unfair sanctions.
Oguntade added that NCRIB invested in training and workshops to help members keep pace with global industry trends and regulatory requirements.
He also noted that the Council forged new partnerships with regulators, associations, and international bodies to expand business opportunities.
The Council, he said, promoted insurance awareness in emerging sectors like entertainment and housing, widening public understanding of insurance benefits.
Oguntade described the July visit of Mr Graeme Trudgill, Chief Executive of the British Insurance Brokers’ Association, as a milestone for Nigeria’s global recognition.
He disclosed that construction of the Olola Olabode Ogunlana NCRIB Annex Building was over 70 per cent completed and designed for commercial use.
“The state-of-the-art facility will provide a modern workspace and support our long-term growth vision,” he said.
He noted that the membership seal introduced by his predecessor had become a strong symbol of professionalism across the insurance sector.
Oguntade expressed confidence that with continued reforms and collaboration, Nigeria’s insurance industry would achieve deeper penetration and stronger public trust.
“We have built on a solid foundation, and the task now is to consolidate these gains and move the industry to new heights,” he said.
Ezeibe, in her remarks, pledged to build on the achievements of Oguntade and past presidents to advance the Council’s objectives.
