The Nigerian Council of Registered Insurance Brokers (NCRIB) has renewed its call for greater unity across the insurance industry, saying enhanced collaboration among market participants could unlock substantial economic value for Nigeria.
NCRIB President Ekeoma Ezeibe said the sector must move away from operating in silos and instead function as a cohesive ecosystem to stimulate growth, innovation and stronger public trust, The Guardian Nigeria reported..
She noted that Nigeria’s insurance market holds significant but largely underutilised potential, as the industry currently accounts for less than 1% of Nigeria’s estimated $477bn gross domestic product.
She added that her vision for a more unified insurance sector is built on four key pillars: capacity development, industry advocacy, innovation and technology adoption, and stronger engagement with members.
Ms Ezeibe said the NCRIB will intensify engagement with insurers, regulators and other industry bodies to shape conditions that encourage long-term and sustainable growth in the sector.
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