NCRIB Addresses Nigeria's Low Insurance Penetration Rates

During the 2026 inauguration of the annual insurance week at Nnamdi Azikiwe University in Awka, Anambra State, Ekeoma Ezeib, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), expressed concerns about Nigeria's insurance penetration, which is below 1%. This is significantly lower than South Africa's nearly 12% and Kenya's over 7%.

Ezeib identified the primary drivers of insurance penetration in other countries as pension and microinsurance, noting that Nigeria has not adequately focused on microinsurance until recently. The introduction of the Pension Reform Act and the establishment of the National Pension Commission (PenCom) have been pivotal in bringing pension funds into the insurance sector.

Ezeib emphasized that the low penetration is not solely due to poverty, as even affluent individuals often ignore insurance. Ugochukwu Anyaehi, Vice Chancellor of Nnamdi Azikiwe University, acknowledged the need for collaboration with the insurance industry to enhance institutional growth.