New Strategies Needed to Boost Nigeria's Insurance Sector

Ogala Osoka, the chairman of the 2026 Almond Insurance Industry Award panel, urged for a radical shift in strategies to bridge the persistent insurance gap in Nigeria during a press conference in Lagos. He noted that despite ongoing promotional efforts by industry players, the actual insurance penetration remains disproportionately low compared to Nigeria's vast population.

Osoka emphasized the need for fresh thinking and innovative platforms to effectively communicate the importance of insurance. The Almond Insurance Industry Award is designed to change the narrative and recognize outstanding contributions in the sector.

He announced updates to the award categories, including the introduction of a new category for "Insurtech Company of the Year," reflecting the current technological dynamics in the insurance business. The award ceremony is scheduled for Friday, November 6, 2026, in Surulere, Lagos.

The nomination phase will commence on May 26, 2026, and run until June 30, 2026, with a transparent voting process to determine the winners.