By Chinedum Treasure
The Nigerian Council of Registered Insurance Brokers (NCRIB) has attributed the country’s low insurance penetration to inadequate public awareness, limited use of technology, and the exclusion of pension funds from the insurance sector.
Speaking at the 2026 Annual Insurance Week of the Department of Banking and Finance, Nnamdi Azikiwe University, Awka, NCRIB President, Mrs. Ekeoma Ezeibe, noted that Nigeria’s insurance penetration remains below one percent, compared to about 12 percent in South Africa and over 7 percent in Kenya.
She explained that pension funds and microinsurance have significantly boosted insurance uptake in those countries, while Nigeria only recently began promoting microinsurance to serve low-income earners such as artisans, farmers, and petty traders.
Ezeibe also stressed that the slow adoption of technology in the insurance industry and widespread ignorance about insurance benefits continue to hinder growth.
She urged students to embrace mentorship opportunities and pursue excellence in their studies, assuring them of NCRIB’s commitment to developing future insurance professionals.
Vice Chancellor of Nnamdi Azikiwe University, Prof. Ugochukwu Anyaehie, represented by Deputy Vice Chancellor (Academics), Prof. Alex Asigbo, expressed the institution’s readiness to collaborate with insurance industry stakeholders to advance insurance education and innovation.
Tags: NCRIB Insurance Nigeria EkeomaEzeibe Insurance Penetration
