The Nigerian Council of Registered Insurance Brokers (NCRIB) has projected that Nigeria's insurance penetration could reach 3% in the next three years. In comparison, the current insurance penetration rate in the country is estimated at 0.5%.
The driver of this growth is the full implementation of the Nigerian Insurance Insurance Reform Act (NIIRA) 2025, which is expected to lead to stricter enforcement of compulsory insurance and the expansion of brokerage operations, reported the news platform, Market Forces Africa.
Outgoing NCRIB president, Prince Babatunde Oguntade, said this at a media session where he introduced the incoming president, Mrs Ekeoma Ezeibe. She is the third female president since NCRIB’s forerunner—Nigerian Corporation of Insurance Brokers—was founded in 1962.
Mr Oguntade said brokers remained the driving force of the insurance industry, accounting for about 70% of total business generated in the market.