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Chuks Udo Okonta
While celebrating the N1.17 trillion gross premium written as at third quarter of 2024, insurance operators have set a target of N5 trillion mark for the industry.
The Chairman of Nigerian Insurers Association (NIA) Kunle Ahmed, who disclosed this at the 2025 CEOs Retreat in Lagos, said the attained N1 trillion premium ought to have been recorded in 2012, as that was the date set for the target.
“We did not reach N1 trillion until 10 years after. Perhaps, we should be doing N3 trillion to N5 trillion.
“Having reached the N1 trillion, we now need to move faster to reach the N3 trillion to N5 trillion mark. But we can’t do that based on the things that we used to do – how we use to serve our customers.”
He noted that the operators need to move from the traditional model and start serving their customers in a more seamless manner, stressing that therein lies the opportunity of getting to N3 trillion and N5 trillion subsequently.
Ahmed noted that the theme for the retreat, “Digital Disruption and Social Innovation: Reshaping Our Traditional Models,” could not be more timely and relevant, as insurers navigate an era marked by rapid technological advancements and evolving societal needs,
“it is imperative that we, as industry leaders, proactively adapt and innovate to stay ahead of the curve.
Digital Disruption: Transforming our Industry,” he added.
Digital disruption he said is a force that has already begun to transform the way we conduct business, communicate, and serve our customers, noting that from artificial intelligence and blockchain to big data and the Internet of Things, these emerging technologies offer unprecedented opportunities to enhance efficiency, improve customer experiences, and create new business models.
However, with these opportunities come challenges that require us to rethink our traditional approaches and embrace change with agility and foresight. Our insurance industry, known for its rich history and established practices, must now embrace the wave of digital transformation to remain relevant and competitive, he submitted.
“As we discuss digital disruption, I urge you to consider the following questions: How can we leverage technology to better understand and serve our customers? How can we harness the power of data to drive decision-making and innovation? Most importantly, how can we
create a seamless and integrated digital experience that not only meets but exceeds customer expectations?
Social Innovation: Driving Inclusive and Sustainable Solutions
Equally important is the role of social innovation in reshaping our industry. As insurers, we have a responsibility to address the evolving needs of our diverse communities and ensure that our services are inclusive, accessible, and beneficial to all. Social innovation challenges us to think beyond profit margins and focus on creating positive social impact.
Inclusive insurance, for instance, aims to provide financial protection to underserved and vulnerable populations. By developing products that cater to the unique needs of these communities, we can foster financial inclusion and resilience. Similarly, sustainable insurance practices can help mitigate the impacts of climate change and promote environmental stewardship,” he posted.
He maintained that as insurers explore the concept of social innovation, he encourages them to reflect on the following: “How can we design insurance products that are not only profitable but also socially impactful? How can we engage with stakeholders to drive collective action towards sustainability? And how can we measure and communicate the social and environmental benefits of our initiatives?”
