Opening Argument: Nigeria will not achieve mass insurance adoption solely
by building trust in insurance; it will achieve it by making insurance valuable
long before a claim is ever needed.

Insurance Must Become Visible First Before It Can Become Universal

By Niyi Onifade

Managing Director/CEO, Heirs Life Assurance
The National Insurance Commission (NAICOM) deserves commendation for its
efforts, particularly in implementing the Nigerian Insurance Industry Reform Act
2025 (NIIRA 2025), which is aimed at driving growth and strengthening the
insurance sector.
The recent launch of the Insurance Sector Strengthening Programme (ISSP)
is one of the most significant developments in the industry in recent years.
Its bold ambition – to deepen penetration, strengthen institutions, expand
inclusion, and create a more resilient industry capable of supporting
national economic growth – is commendable.
However, if the industry is to achieve the ISSP’s objective of increasing
insurance penetration from 0.5 per cent to 10 per cent by 2031 and
contribute meaningfully to the federal government’s aspiration of a one
trillion dollar economy, we must confront an uncomfortable reality: Our
industry faces a value visibility challenge.
Most Nigerians understand risk. Families worry about medical emergencies.
Business owners worry about disruption. Homeowners worry about loss and
damage. Yet, insurance is often perceived as relevant only after a crisis
occurs.
For many people, insurance remains an invisible product. Premiums are
paid today for a benefit that may never be experienced tomorrow. This
perception creates doubt – and addressing it should be the next phase of
industry transformation must begin.
As we strengthen regulation, improve capitalisation and increase public
awareness, we must also think about how customers experience insurance
itself. The future of insurance will

make insurance valuable not only at claims stage, but throughout the
customer journey.
Globally, leading insurers are increasingly moving beyond the traditional
promise of protection. They are building ecosystems that help customers
live healthier, safer and more financially secure lives. Insurance is evolving
from a risk-transfer mechanism to a platform for delivering continuous
value.
Nigeria should embrace the same evolution. To sustainably expand
penetration, we must move from a claims-driven industry to a value-driven
industry.
This means creating propositions that allow customers to experience
tangible benefits long before they need to make a claim. For example, a
young professional should receive financial wellness support; a small
business owner should gain access to tools, services and partnerships that
help their enterprise grow; and a family should enjoy benefits that improve
their quality of life.
When customers experience value regularly, insurance ceases to feel like a
mandatory expense and becomes a meaningful part of everyday life. This
shift has important implications for the ISSP. The programme’s focus on
women, young people and MSMEs is especially timely. These segments
represent some of Nigeria’s most dynamic economic contributors, yet they
remain underserved by conventional insurance models.
Expanding access alone will not be sufficient. We must design solutions
tailored to their realities, businesses and aspirations. This requires innovation
that goes beyond product development. It requires stronger digital
engageme collaboration across industries.
I see a brighter future for our industry, and I am particularly pleased to be
part of the actors shaping it. The future, as I envision it, is a platform that
connects customers not only to protection, but also to healthcare
providers, wellness services, retailers   financial advisory support and other

Value-adding solutions. Technology will be a critical enabler of this
transformation.
At Heirs Insurance Group, this vision continues to drive many of our
innovations. We believe the industry’s success will be measured not only by
how efficiently it pays claims but also by how effectively it creates value
throughout the customer relationship. From digital platforms to customer
rewards and AI-enabled engagement, our focus is on making insurance
simpler, more accessible and more relevant to everyday life.
The ISSP provides a strong foundation for the future. Its greatest legacy will
not only be higher penetration figures or stronger balance sheets. It will be
the creation of a fundamentally different insurance culture – one where
insurance is no longer perceived as a reluctant purchase but as a service
that actively improves lives.
One where customers experience value before they experience loss. One
where protection is not merely promised but consistently demonstrated.
Trust will always matter. But trust alone will not deliver the scale of
transformation Nigeria seeks.
The next chapter of insurance growth will be defined by an industry that
makes its value visible, tangible and relevant every day. When that
happens, higher penetration will no longer be a goal we pursue – It will
become the natural consequence of building an insurance ecosystem that
Nigerians genuinely want to be part of.
The success of our industry will be defined not by the policies we sell but by
the lives we improve. Let’s build an insurance future Nigerians can trust,