FITC Launches Landmark Insurance Industry Report to Drive

Sustainable Growth in Sector

Oluchi Chibuzor

The Financial Institutions Training Centre (FITC), has launched a comprehensive report positioning Nigeria’s  insurance industry globally, ranking it 70th in terms of premium volume, well behind  countries like South Africa (20th) and the United States (1st).

The report presents  insights from industry executives, analysing the sector’s state, challenges, and  opportunities post-COVID-19.

Key challenges include sluggish growth, low penetration rates, and underutilization of technology. The report outlines paths to overcome these  hurdles, highlighting digitization, regulatory reform, recapitalization, bancassurance, and Insurtech as crucial drivers for future growth.

The Nigerian insurance industry has faced sluggish growth, low penetration rates, and

underutilisation of technology, particularly since the pandemic. FITC, a leading financial consulting and training institution, convened stakeholders to discuss these  issues at the launch event, themed, “Driving Sustainable Growth in the Insurance  Industry: Through Digitization, Collaboration & Customer-Centric Strategies.”

In her welcome address, the Managing Director/Chief Executive Officer FITC, Dr. Chizor Malize, expressed appreciation for the collaboration that made the report possible and emphasized its strategic value in addressing the insurance sector’s challenges and opportunities,

particularly around innovation, customer satisfaction, and regulatory compliance.

Malize stressed the importance of digitization and operational efficiency, urging  insurers to adopt customer-centric strategies that respond to evolving consumer needs.

She also advocated public education on the importance of insurance, framing it as a  critical safety net for society, not just a regulatory requirement.

In his Keynote address, Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, recognised FITC for its role in shaping the industry’s future.

He recognised the report as a roadmap for overcoming the sector’s challenges, particularly data integrity, regulatory frameworks, and innovation.

Omosehin highlighted the critical role of insurance in economic stability, noting that it provides protection against risks for both individuals and businesses.

He stressed the need for regulatory reforms, strong governance, and stakeholder collaboration to build a resilient insurance industry, assuring that NAICOM would consider the report’s

recommendations to strengthen regulatory oversight and foster innovation.

CEO of Zest Payments, Dr. Stanley Jacob, delivered a presentation, highlighting the vast untapped potential in Nigeria’s insurance market, where penetration remains below 1% of GDP.

He also suggested that Nigeria’s insurance sector adopt Environmental, Social, and Governance (ESG) principles, mirroring the progress seen in the country’s banking  industry in sustainable practices.