Good move: “The Nigerian insurance industry is set to undergo a transformative phase, with insurers projected to inject approximately N600 billion in fresh capital to meet evolving regulatory requirements.” Yet, the problem of the Nigerian insurance industry goes beyond capital. The real challenge is the operating policy in the industry, and that is why the industry has been unable to innovate. Unless you fix that, even with more funds, nothing great will happen as they’re not likely to create products that customers will be interested in.
Today, the insurance penetration is less than 5% and the construct is that Nigerians do not like insurance. I do not buy that. I think insurers have not created the right products. People used to hate banking until the 1990s when new generation banks used tech to make banking better. Insurance is yet to find similar moments.
Any person reading this can be a bank CEO in Nigeria but in the insurance industry, you must be a member of CIIN which means you have to be normalized before you can get there. Magically, you are in, and you become the status quo. The Central Bank of Nigeria has allowed fintechs to challenge banks, but there is nothing coming out of NAICOM, the insurance industry regulator. That said, I wish the industry good luck.
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