Nigerian Council of Registered Insurance Brokers (NCRIB) has listed such impediments as the continued exclusion of pension funds from the core insurance sector, poor adoption of technology and widespread ignorance about sector’s benefits, as responsible for low insurance penetration in the country.

Speaking at the 2026 Inaugural Annual Insurance Week held at the Nnamdi Azikiwe University, Awka, the President of NCRIB, Mrs Ekeoma Ezeibe, expressed concern over Nigeria’s insurance penetration rate, which remains below one per cent.

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She noted that countries such as South Africa and Kenya have significantly higher insurance penetration rates, standing at nearly 12 per cent and above 7 per cent respectively.

According to Ezeibe, pension schemes and micro-insurance have been major drivers of insurance growth in those countries, unlike in Nigeria where pension funds are managed separately under the National Pension Commission (PenCom).

She explained that before the introduction of the Pension Reform Act, pensions formed part of the insurance industry and contributed to market growth.

“If pension funds currently managed by PenCom were included in the insurance sector, Nigeria’s insurance penetration rate would increase significantly,” she said.
Ezeibe also identified micro-insurance as another critical area that could boost insurance coverage across the country.

She said the National Insurance Commission (NAICOM) had begun licensing micro-insurance companies to provide coverage for low-income earners, including artisans, farmers, food vendors and petty traders.

According to her, bringing millions of people in the informal sector into the insurance safety net would greatly expand insurance participation nationwide.

The NCRIB president further noted that limited use of technology remains a major challenge to insurance growth.

She stressed that digital innovation has become a global standard due to its ability to improve efficiency, speed and ease of doing business.
Ezeibe also blamed ignorance for the low level of insurance adoption, arguing that a lack of awareness cuts across both poor and wealthy individuals.

She emphasised the need for sustained public enlightenment to help Nigerians understand the importance of insurance as a financial protection tool.

Earlier, the Programme Coordinator of the Insurance Programme in the Department of Banking and Finance, Prof. Victor Okonkwo, described the event’s theme, “Insurance for All: Driving Inclusion, Innovation, and Trust,” as a timely response to industry needs and national development goal

He said the theme aligns with the programme’s vision of promoting knowledge-driven, technology-enabled and trust-based risk management solutions capable of enhancing financial security and sustainable economic growth.