Principal Officers

Council Members

Distinguished CEOs,

Industry leaders, Esteemed guests, and other Partners

Good afternoon and welcome to the 2025 CEOs Retreat.

It is a great honour and privilege to gather here today with such an illustrious assembly of professionals and leaders within the insurance and reinsurance industry. As we convene at this pivotal moment, I am reminded of the profound changes and opportunities ahead of us.

Our theme for this year’s retreat, “Digital Disruption and Social Innovation: Reshaping Our Traditional Models,” could not be more timely and relevant. As we navigate an era marked by rapid technological advancements and evolving societal needs, it is imperative that we, as industry leaders, proactively adapt and innovate to stay ahead of the curve.
Digital Disruption: Transforming our Industry

Digital disruption is a force that has already begun to transform the way we conduct business, communicate, and serve our customers. From artificial intelligence and blockchain to big data and the Internet of Things, these emerging technologies offer unprecedented opportunities to enhance efficiency, improve customer experiences, and create new business models.

However, with these opportunities come challenges that require us to rethink our traditional approaches and embrace change with agility and foresight. Our insurance industry, known for its rich history and established practices, must now embrace the wave of digital transformation to remain relevant and competitive.

As we discuss digital disruption, I urge you to consider the following questions: How can we leverage technology to better understand and serve our customers? How can we harness the power of data to drive decision-making and innovation? Most importantly, how can we

create a seamless and integrated digital experience that not only meets but exceeds customer expectations?

Social Innovation: Driving Inclusive and Sustainable Solutions

Equally important is the role of social innovation in reshaping our industry. As insurers, we have a responsibility to address the evolving needs of our diverse communities and ensure that our services are inclusive, accessible, and beneficial to all. Social innovation challenges us to think beyond profit margins and focus on creating positive social impact.

Inclusive insurance, for instance, aims to provide financial protection to underserved and vulnerable populations. By developing products that cater to the unique needs of these communities, we can foster financial inclusion and resilience. Similarly, sustainable insurance practices can help mitigate the impacts of climate change and promote environmental stewardship.

As we explore the concept of social innovation, I encourage you to reflect on the following: How can we design insurance products that are not only profitable but also socially impactful? How can we engage with stakeholders to drive collective action towards sustainability? And how can we measure and communicate the social and environmental benefits of our initiatives?

Collaboration and Leadership: The Path Forward

The next two days, during this retreat, is going to be intensive an engaging.

The journey of digital disruption and social innovation is not one that we can embark on alone. It requires collaboration, partnership, and a shared vision for the future. As industry leaders, we must work together to foster a culture of innovation, openness, and continuous learning. We will, therefore, be engaging with thought leaders, industry experts, and innovators who will engage in insightful discussions, share best practices, explore new strategies to harness the potential of digital disruption and social innovation, and also share their perspectives on our industry’s future.

We will also hold a workshop on AfCFTA, where the conversation will revolve around unlocking the opportunities AfCFTA has to offer our industry. The Insurance Industry AfCFTA

Committee will anchor the discussions, and our Commissioner for Insurance is scheduled to participate in the conversations.

Finally, we are going to have a session, the Open Forum, to keep CEOs updated on some activities/topics in the last couple of months which will likely lead to taking important decisions on the way forward. Some of the topics include the following amongst others.

– Invitations by the Committees in the House of Representatives

– Engagements with Airlines Owners

– Nigerian Tax Reform Bill 2025

– Nigerian Insurance Industry Reform Bill 2025

– Enforcement of the Third-Party Insurance policy

– Nigerian Insurance Industry Portal

– Claims

– Ecowas Brown Card

– Various Circulars from our Regulator

I encourage you to actively participate, share your experiences, and challenge conventional thinking. Together, we can pave the way for a more resilient, adaptive, and forward-thinking industry.

I would like to extend my heartfelt gratitude to our esteemed guest speakers and panelists for their willingness to share their expertise and insights with us. Your contributions are invaluable to the success of this retreat.

In conclusion, let us seize this opportunity to learn, collaborate, and drive positive changes in our industry. The future of insurance is bright, and it is up to us to shape it with vision, innovation, and a commitment to social good.

Once again, welcome to the 2025 CEOs Retreat. Let us embark on this journey of transformation and make a lasting impact on our industry and society.

Thank you.