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•Policyholders, analysts demand tangible results
The Nigerian Council of Registered Insurance Brokers (NCRIB) has assured the federal government that the insurance industry has the capital, legal backing and regulatory framework to play a major role in achieving President Bola Tinubu’s $1 trillion economy target by 2030.
The President of NCRIB, Mrs Ekeoma Ezeibe, gave the assurance at the 2026 National Insurance Brokers Conference and Exhibition in Abuja, saying recent reforms had strengthened the industry’s ability to support large infrastructure projects, attract long-term investments and protect businesses against major risks. She said improved capitalisation, stronger regulation and a sound legal framework had positioned insurance brokers and other industry players to take on bigger responsibilities in Nigeria’s economic development.
Speaking on the theme, “Insurance: Infrastructure Financing and National Development Agenda”, Ezeibe said the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the Insurance Sector Strengthening Programme (ISSP) had provided the industry with a stronger legal foundation and a clear five-year plan.
According to her, the reforms offer brokers an opportunity to expand insurance coverage to 25 million Nigerians, particularly women, youths and micro, small and medium-sized enterprises (MSMEs), which form a major part of the economy.
She assured industry leaders and government officials at the conference that insurance would no longer remain on the sidelines of Nigeria’s development plans. “We must move from the margins to the mainstream, from being reactive risk managers to becoming proactive partners in the financing, de-risking, and sustainability of the critical infrastructure that will define our nation’s future,” she said.
Ezeibe said the successful completion of the recapitalisation exercise had brought approximately N1.08 trillion in fresh and verified capital into the industry, strengthening 48 insurance companies and two reinsurers to handle bigger and more complex risks.
She said the stronger capital base would enable insurers to support major infrastructure projects and retain more risks within the country rather than depend heavily on foreign insurance markets.
The National Insurance Commission (NAICOM) has set a target of increasing insurance penetration from about 0.5 per cent of Gross Domestic Product (GDP) to 1.5 per cent by 2028 and 10 per cent by 2031.
Against this background, Ezeibe urged registered brokers to take advantage of NIIRA, ISSP and other industry reforms to expand insurance coverage and strengthen the sector’s contribution to the economy.
She identified Nigeria’s infrastructure deficit as a major obstacle to economic growth, productivity and competitiveness, noting that roads, railways, seaports, electricity generation and transmission, airports, water systems, digital infrastructure, housing and climate-resilient facilities require huge and sustained investments.
“Insurance can finally take its rightful place as a critical pillar of Nigeria’s economic architecture, particularly in the mobilisation of long-term capital for infrastructure. The Federal Government’s ambition of a $1 trillion economy by 2030 demands that we close this gap with urgency and creativity,” she said.
“Public resources alone cannot suffice. Private capital, domestic and international, must be mobilised at scale. Yet, private capital is risk-averse. Investors, lenders and development finance institutions demand robust risk-mitigation frameworks before committing long-term funds. This is precisely where insurance and reinsurance become indispensable.”
She explained that insurance products such as construction all-risks, political risk insurance, delay-in-start-up cover, professional indemnity, performance bonds, surety, climate and catastrophe covers, as well as parametric insurance, could make infrastructure projects more attractive to investors.
According to her, these products would help attract private investment, reduce financing costs, protect government finances and ensure that infrastructure projects are properly built, maintained and operated.
Ezeibe also welcomed the emerging partnership between NAICOM, the Infrastructure Concession Regulatory Commission and relevant ministries to include comprehensive insurance requirements in public-private partnership contracts above certain thresholds.
She called for stronger and more permanent arrangements to ensure that insurance becomes an integral part of infrastructure financing.
Under the NCRIB’s “One Insurance Industry” agenda, she said the council was pursuing five major priorities: expanding insurance coverage across the country, beginning with a pilot project in Abia State and extending to northern Nigeria; completing the Olola Olabode Ogunlana House; strengthening partnerships with NAICOM and other regulators; improving members’ professional skills; and mentoring younger insurance practitioners while building strategic partnerships across the industry.
She said a more professional, united, innovative and trusted brokerage sector would be better equipped to provide the insurance solutions required to support major infrastructure investments.
She urged brokers to focus on practical steps that would increase the industry’s contribution to infrastructure development. According to her, insurers, brokers and reinsurers must work together to develop specialised products and expertise for infrastructure projects rather than continue to transfer most of the risks abroad.
“Digital platforms, data analytics and parametric solutions can make infrastructure insurance more accessible, transparent and responsive. We must continue to engage government at all levels to ensure that insurance is embedded as a mandatory and well-structured component of infrastructure financing frameworks and risk management processes across all strata of government,” she said.
She also called on insurers to channel part of their growing investment funds into carefully selected infrastructure projects and financial instruments.
“With stronger balance sheets, the industry must explore ways to channel a portion of its growing investible funds into carefully selected infrastructure assets and instruments, thereby creating a virtuous cycle of risk protection and capital mobilisation,” she said.
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Ezeibe stressed that prompt claims settlement, transparency and professional conduct remained essential to rebuilding public confidence, adding that loss adjusters had an important role to play in ensuring fairness in claims assessment.
“Claims settlement, transparency and professional conduct remain the foundation of public confidence. And this is where the loss adjuster becomes relevant by dispensing justice in claims adjustment in a fearless and fair manner. Without trust, neither penetration nor infrastructure participation can grow sustainably,” she said.
She added: “Our collective will, our professional excellence and our determination can turn opportunity into impact. So we need actionable frameworks, stronger partnerships and a renewed commitment by the insurance profession to serve as a true catalyst for national development.”
However, some industry watchers, analysts and policyholders said they would be watching to see whether the industry’s renewed financial strength and reform agenda would translate into tangible benefits for Nigerians.
A policyholder, Chijioke Amadi, a Nigerian based in Germany, said the industry must move beyond promises and demonstrate its commitment through concrete results.
“It’s not enough to boast about what to do; it’s about Nigerians seeing real results. The banking sector has a lot to offer in achieving the President’s ambition. Let insurance not lag behind,” the policyholder said.
Similarly, an economic analyst and Lagos-based businessman, Arinze Chibueze, said stakeholders would be watching closely to assess the industry’s progress towards the 2030 target.
“It’s not bad to make promises, but we are watching. Let’s see where this would take them (the insurance sector). By 2030, we shall come back to demand concrete results. Whether President Bola Tinubu wins or not, the policy target remains, so a change of government would and should not affect the rolling plan,” he said.
Earlier, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, had urged insurance brokers to play a more strategic role in expanding insurance coverage, mobilising long-term investments for infrastructure development and supporting economic growth.
Describing brokers as important drivers of risk management, consumer protection and investment mobilisation, Omosehin said the Nigerian Insurance Industry Reform Act (NIIRA) 2025 was designed to strengthen the industry’s financial position, improve corporate governance, promote accountability and rebuild public confidence.
He urged brokers to maintain high professional standards, embrace innovation and digital technology, and comply fully with regulatory requirements.
“Insurance brokers occupy a central and indispensable position within the Nigerian insurance ecosystem. As trusted risk advisors, intermediaries and advocates for policyholders, brokers generate a significant portion of the total premium volume in our market. Your contribution extends far beyond commercial transactions,” he said.
Omosehin also restated NAICOM’s commitment to building a stronger, more transparent and customer-focused insurance industry. He encouraged brokers to establish partnerships across key sectors of the economy to unlock investment opportunities and support national development.
He challenged industry stakeholders to move beyond discussions and translate the conference resolutions into measurable actions that would increase insurance’s contribution to economic growth.
“Let us work together to build an insurance industry that commands public trust, delivers lasting value to policyholders and serves as a catalyst for sustainable national development,” he said.
The commissioner also urged brokers to focus on expanding the market, structuring insurance solutions for major infrastructure projects, improving professionalism and protecting consumers.
He said brokers were the link between policyholders and insurance companies, helping customers understand complex risks and obtain appropriate protection across the corporate, public and retail sectors.
“As the nation undertakes mega-infrastructure projects in transport, energy, real estate and industrialisation, insurance brokers provide the technical expertise required to structure complex risk mitigation and risk transfer solutions.
“Through advisory services, risk auditing and prompt claims negotiation, brokers ensure policyholders enjoy maximum value and protection. We expect NCRIB and its members to lead from the front by building strategic alliances across the banking, energy, manufacturing and public infrastructure sectors,” he said.
Omosehin pledged NAICOM’s continued support for the council in improving professional skills, enforcing market discipline and advancing the country’s economic growth agenda.
“Let us work together to build an industry that commands public trust, delivers value to policyholders and contributes meaningfully to Nigeria’s economic aspirations,” he said.
