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Apr 2025

Nigeria: FITC highlights growth, tech and penetration challenges in Nigeria insurance market

Source: Middle East Insurance Review | Apr 2025

Important challenges in the Nigerian insurance market include sluggish growth, low penetration rates and the under-utilisation of technology, according to a report launched by the Financial Institutions Training Centre (FITC).
 
The report, titled ‘The FITC Insurance CEO and Industry Report’, presents insights from industry executives, analysing the sector’s state, challenges and opportunities post-COVID-19.
 
The report also outlines paths to overcome the hurdles, highlighting digitisation, regulatory reform, recapitalisation, bancassurance and InsurTech as crucial drivers for future growth.
 
During an event in February 2025 at which the report was launched, National Insurance Commission (NAICOM) CEO and commissioner for insurance Olusegun Ayo Omosehin, recognised FITC for its role in shaping the industry’s future. He described the industry report as a roadmap for overcoming the sector’s challenges, particularly data integrity, regulatory frameworks, and innovation, reported the newspaper This Day.
 
He stressed the need for regulatory reforms, strong governance and stakeholder collaboration to build a resilient insurance industry, assuring the insurance industry that NAICOM would consider the report’s recommendations to strengthen regulatory oversight and foster innovation.
 
Globally, Nigeria’s insurance industry is ranked 70th biggest in premium volume, behind countries like South Africa (20th) and the US (1st). Insurance penetration in Nigeria is less than 1%. M 
 
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