The Nigerian Council of Registered Insurance Brokers has identified exclusion of pensions and micro insurance drivers, lack of technology as well as ignorance as reasons for low insurance penetration in Nigeria.
2026 Inaugural Annual Insurance Week at NAU, Awka on TuesdayThe President, NCRIB, Mrs Ekeoma Ezeibe, raised the concerns on Tuesday at Nnamdi Azikiwe University, Awka, Anambra State during the 2026 Inaugural Annual Insurance Week.
She regretted that insurance penetration of other countries, including South Africa and Kenya were far higher than that of Nigeria.
According to her, while Nigeria’s insurance penetration is below one percent, that of South Africa is nearly 12 percent whereas Kenya is above 7 percent.
“But to be realistic, looking at South Africa and Kenya vis-a-vis their insurance market, and the drivers of their insurance penetration, you discover they are mostly pensions and micro insurance.
“But in Nigeria, pension which used to be part
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