Brokers key to boosting insurance penetration — Expert
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The Chief Executive Officer of Enterprise Life, Nelson Akerele, has said that brokers play a crucial role in bridging Nigeria’s insurance penetration gap.
Akerele stated this while participating in the December edition of the Nigeria Council of Registered Insurance Brokers’ Abuja Area Committee Professional Members’ Evening, according to a statement from the firm.
According to The PUNCH, the event is recognised as one of the industry’s most strategic networking forums, offering an evening of insights, professional exchange, and renewed commitment to advancing Nigeria’s insurance ecosystem. The Abuja meeting followed a similar edition held in Port Harcourt in November 2025.
Speaking at the event, Akerele commended NCRIB’s efforts in providing platforms that elevate the insurance brokerage profession and encourage collaboration among industry players.
The Nigerian insurance industry continues to experience notable growth, yet the market remains largely underpenetrated. At the meeting, NCRIB noted that about 70 per cent of Nigerians still do not have any form of insurance cover, despite increased awareness and regulatory reforms. Insurance penetration in the country hovers around four per cent, underscoring significant untapped potential.
At the same time, the industry has recorded remarkable performance, with total Gross Written Premium rising to N1.562tn in 2024, an increase from the previous year. The sector’s total assets expanded to N3.9tn, marking a 46.1 per cent year-on-year growth.
Non-life insurance continues to drive the bulk of premium contributions, reflecting the evolving needs of individuals and businesses. With over 300 registered brokerage firms under NCRIB nationwide, brokers remain central to driving market expansion, advising clients, and ensuring regulatory compliance.
The evening featured discussions on regulatory alignment, talent development, emerging market opportunities, and the role of technology in reshaping industry operations. It also served as a strategic platform for strengthening relationships with underwriters, corporate institutions, and fellow brokers across the region.
Enterprise Life added that as the industry evolves, supported by digital transformation, regulatory momentum, and a growing appetite for risk management, it will continue to position itself at the forefront of solutions that meet the needs of individuals, SMEs, and corporate clients.
