Amaka Obiefuna

The newly elected Chairman of the Nigeria Insurers Association (NIA), Mr. Kunle Ahmed, has said that the insurance industry is strategic to the needed socio-economic transformation in the country.

Ahmed said this during his re-investiture media parley with the insurance press.

He said: “With the government outlining ambitious priorities for socio-economic transformation, there is an increasing need for industries that can support this vision.

“One such industry is insurance, an often overlooked but critical player in economic development.”

He noted that the nation’s challenges,  from inflation to security concerns are significant and have increased the risk profile of individuals and organisations.

However, he pointed out that these challenges equally present the insurance industry with unique opportunities for growth and innovation.

The Chairman averred that insurance is one of the solutions that can be deployed to confront some of these challenges, stating that globally, insurance has proven to be a powerful tool for stabilising economies, protecting investments, and providing the financial resilience that allows societies to thrive.

“However, in Nigeria, depending on your source of data, insurance penetration remains strikingly low.

“We currently lag far behind African and global averages despite being one of the continent’s largest economies,” he explained.

He noted that the recent increase in Foreign Direct Investment, which reached $3.3 million in the first quarter of this year signals a renewed interest in the insurance market.

The Chairman therefore, charged the insurance players to harness this momentum and reshape the industry for the future.

Strategic focus according to him, to turn these challenges into opportunities for the growth of the insurance industry and the prosperity of Nigeria, include Customer-Centricity; enhancing customer satisfaction as a priority.

Digital Transformation; adopting digital solutions effectively.

Commitment to Excellence; focusing on improving claims processes, ensuring f

promises fulfilled and expectations exceeded.

He cited the recent growth in claims where the industry paid N536.5 billion in 2023 as a demonstration of dedication to clients.

Advocacy and Collaboration; engaging with government agencies to advocate for policies that support the insurance sector.

Education and Awareness; raising awareness about the importance of insurance, which Ahmed noted is vital not just for the insurance industry growth but for economic development.

Ahmed who was unanimously elected the 26th President of NIA on June 27, 2024 is the Chief Executive Officer of IGI.

He used the opportunity of the parley to appreciate the media for their advocacy and awareness creation of the industry.

Ahmed also appreciated NIA for counting him worthy to lead the Association.