Wednesday, April 16, 2025
31.6 C
Lagos

Expert Laments Low Insurance Penetration Despite Youth Population

Dr. Akeem Oyewale, the Chief Executive Officer of Marble Capital Limited, who delivered the keynote paper at the recent BusinessToday Annual Conference in Lagos said a financially empowered youth population boosts national savings and investments, just as higher insurance adoption reduces reliance on government social support, creating a more sustainable economy.

The theme of the conference was “Banking on the Future: Youths, Pension and Insurance Penetration.”

Oyewale lamented however that despite the growing youth population, insurance adoption remains alarmingly low, with Nigeria’s insurance penetration at just 0.5% of GDP, with minimal youth engagement.

“While the global average stands at 6.80%, Nigeria’s rate is significantly lower, suggesting that the country’s insurance sector is underdeveloped. Even in the African context, Nigeria’s penetration rate lags far behind leaders like South Africa (11.54%) and Namibia (7.41%).”

In his goodwill message, Mr. Segun Omosehin, the Commissioner for Insurance and CEO at NAICOM said the Commission is focused on driving innovation and expand youth penetration in the insurance sector in Nigeria.

“As the future depends on how we engage and equip our youth, it’s essential to prioritise their exposure and relevance in the financial sector. To achieve this, the Commission is focusing on building trust and driving innovation to cater to the evolving needs of our growing young population. By that, we encourage the insurance industry to ensure that insurance products and services are tailored to meet the unique requirements of younger generations, promoting financial inclusion, stability and greater adoption of digital insurance solutions.”

He said by emphasising youth engagement and promoting financial literacy, there is a huge opportunity to unlock the potential for growth and development in the insurance sector. This he added, will in turn, contribute to the overall economic prosperity of Nigeria, as the insurance industry plays a vital role in mobilising long-term savings, financing infrastructure projects and promoting risk management.

“As a Commission, we are committed to building trust and driving innovation which will pave the way for a more inclusive and sustainable financial system, where the needs of the young generation are at the forefront.”

He said to secure the financial future of young people, stakeholders must rethink engagement strategies by offering youth-friendly financial products to meet the unique needs of young people, strengthening financial education by introducing targeted literacy programs, leverage workplace initiatives to promote insurance participation.

“Insurance services are key initiatives that when made youth-friendly, can change the face of capital formation and wealth dynamics in Nigeria.”

 

spot_img
spot_img
spot_img

Hot this week

Leadway Assurance Partners AGRA on ‘Pay at Harvest’ Crop Insurance Scheme

In a significant step towards deepening agricultural resilience across...

Stanbic IBTC Bank Unveils “There Is More” Campaign: A Rallying Call for CEOs across Nigeria

Stanbic IBTC Bank ignites a nationwide conversation with the...

IPI Nigeria Appoints Idris, Garba Shehu, Egbemode, Ohwahwa, 25 Others to Committees

The International Press Institute (IPI) Nigeria has announced the...

NCC Committed to Fairness on Unclaimed Recharges

Distinguished guests, esteemed industry stakeholders, ladies and gentlemen, It...

GCEO of NNPCL, Bayo Ojulari, Pledges to Consolidate on Predecessor’s Achievements

R-L: New Group CEO NNPC Limited, Mr. Bayo Ojulari and...

Topics

Razia Khan: ‘MPC Policy Met Our Monetary Expectation’

The Central Bank of Nigeria raises its monetary policy...

Africa, ME Wearables Market Rose 65.3% in Qtr 1

The Middle East and Africa (MEA) wearables market experienced...

Book Review: IYE-Mother

By Julie Omeike Iye {Mother} is an interesting cultural novel. It...

Stanbic IBTC Bank Budgets N130m in 4th Season of Reward4Saving Promo

Stanbic IBTC Bank, a leading financial services provider in...

Taxation of Housing in Africa

The Centre for Affordable Housing Finance (AUHF) in Africa...

NSE, Bloomberg Holds 4th CEO Roundtable Oct 9

The Nigerian Stock Exchange The Nigerian Stock Exchange (NSE) in...

Solaris, Knownow, Specxs Win N30m in NCC’s Talent Hunt

Three companies, out of 81 companies that contested at...

Emirates Skywards Offers Flexibility, Elite Tier Extension to 2022

  Emirates Skywards, the award-winning loyalty programme of Emirates and...
spot_img

Related Articles

Popular Categories

spot_imgspot_img