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
spot_img
spot_img

Hot this week

WEF: 10 Emerging Technologies to Power Cleaner, More Secure Energy Future

As world leaders gather at COP31 to advance global...

Afreximbank, DBN Partner on $75m Facility to Fund Nigeria’s Creative Exporters

The African Export-Import Bank (Afreximbank) has agreed to provide $75...

Nigeria, EU Ink Deal to Repatriate lllegal Migrants from Europe

Nigeria and the European Union signed an agreement on...

Stanbic IBTC Champions Women’s Empowerment, SME Growth at Bloom Weekend 2026

Stanbic IBTC is set to bring women together for...

Open Alliance Condemns Detention of FIJ Journalist, Daniel Ojukwu, Demands His Immediate, Unconditional Release

Open Alliance strongly condemns the continued detention and prosecution...

Topics

ASUS Presents Incredible Unfolds at CES 2022

KEY POINTS Zenbook 17 Fold OLED, Zenbook 14X OLED...

Brussels Attack: European Nations Tighten Airport Security

In response to terror attacks that have shaken the...

Flydubai at Dubai Tourism East Africa Roadshow

Dubai-based airline flydubai is participating in Dubai’s Department of...

5 Top Reasons to Attend Titans of Tech 2021

The Titans of Tech 2021 is scheduled to...

ITU Sets Path to Drive Digital Benefits for Citizens Worldwide

Member States of the International Telecommunication Union (ITU) agreed...

CBN Chief, Olayemi Cardoso, Tasks Central Banks, DFIs on Africa’s Growth

The Governor of the Central Bank of Nigeria, Mr....
spot_img

Related Articles

Popular Categories

spot_imgspot_img