The Nigeria Liquefied Natural Gas (NLNG) insurance team on Tuesday, April 8, 2025, paid a strategic familiarization visit to the Director General of the Nigerian Insurers Association(NIA).

The visit, led by Dr. Adetayo A. John-Fishers, MD of First Standard Insurance Brokers Limited, was aimed at providing the NLNG team with a comprehensive understanding of Energy and Special Risk Insurance Policies.

In addition, the meeting offered an opportunity for direct engagement with key stakeholders in the broader insurance industry to bolster the team’s insights into the evolving market dynamics and risk management strategies integral to the energy sector.

The meeting underscored a continued commitment to industry collaboration and the importance of staying abreast of best practices in insurance, particularly in areas critical to the country’s energy infrastructure.

The parties expressed optimism that such engagements will strengthen partnerships and enhance the overall resilience of Nigeria’s insurance framework.

Heirs Insurance Group, Nigeria’s fastest-growing insurance Group, in partnership with payment services provider, Mobikash, hosted a seminar to promote financial and insurance literacy among 150 members of Nigeria’s informal sector in Abuja, in line with the Group’s mission to make insurance accessible to all Nigerians.

Themed “Insuring Nigeria’s Informal Sector for the Better,” the event convened representatives from the Keke Riders Association, Market Women Association, Hotel Owners Association, Taxi Drivers Association, and Okada Riders Association.

Heirs Insurance facilitated an engaging training and orientation, equipping attendees with practical knowledge and tailored insurance solutions to meet their everyday needs.

The interactive session provided hands-on learning opportunities, ensuring that participants gained a deeper understanding of how insurance can serve as a financial safety net, especially in times of economic uncertainty.

By training and educating their peers, these attendees will serve as financial literacy champions, helping to extend the benefits of insurance awareness and financial security to a wider network of informal workers.

Heirs Insurance is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments spanning 24 countries and four continents. Through its innovative approach and extensive retail footprint, Heirs Insurance remains at the forefront of reshaping Nigeria’s insurance landscape.

The Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, Olaotan Soyinka has made a plea to Nigerians to imbibe the culture of insurance considering the economic situation in the country. He made this statement at the company’s first quarter review of operations and processes of the underwriting firm at the corporate Head Office in Lagos at a Press parley.

The MD/CEO reiterated the need and importance of insurance in the everyday life of all Nigerians irrespective of the tribe, religion or social status in the society. He said, “insurance is an integral part of our socio-economic life that should not be taken for granted” Olaotan posited that a lot of Nigerians are really trying to make ends meet and therefore, they should be encouraged to have an ally that can be there for them when the eventuality happens and that can only come through having one form of insurance policy or the order.

He also alluded to the biblical story where the Noah’s Ark was the succour for those who took refuge inside it after the flood had receded. In his words, “the earth was restored to its former position with God not having to go through the process of creation like He did in the beginning when the earth was formed”. Like Noah’s Ark, insurance takes you back to your former position before the loss.

Soyinka said this is the time Nigerians need to consciously educate themselves on the benefits they are bound to derive in taking up an insurance policy. He said there are various insurance products that the insuring public can take in protecting their lives and properties but that the most important thing is for the customers out there to willingly open their minds in accepting the fact that insurance is a very important aspect of their lives.

In closing, Soyinka said, “Nigerians have waited too long in willingly accepting and recognizing the fact that without insurance, one is like building a House without a foundation and in no time, it could come crashing; and when that happens, you will have to start from the scratch again with even more funds than you initially spent”. He said insurance gives you the promise of a safe and comfortable future. The earlier we disabuse our minds of the old notion that insurance doesn’t work, the better it will be for all of us. Nigerians should begin to cultivate an uncompromising culture of insurance. he concluded.