Friday, April 18, 2025
31.3 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

NGX Group Holds 64th AGM, Reaffirms Commitment to Sustainable Value for Stakeholders

The Nigerian Exchange Group Plc (NGX Group) held its...

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...

Topics

The Need for Non-Oil Sector Development

The current state of oil prices in the international market is a divine blessing for Nigeria. It represents a unique opportunity for Nigeria to re-discover itself and diversify its sources of national revenue or slump into deeper financial crisis and poverty. It has been proven in the lives of individuals, organisations and nations, that certain negative experiences or consequences spurred them to innovations and critical thinking, and led them to greater heights. It is our hope that such could become of our own country.

NCC Initiates Regulatory Measure to Identify, Eliminate Risks in Telecom Sector

The Nigerian Communications Commission (NCC) has embarked on a...

Debt Pile Looms Over Africa’s Fragile Economic Recovery

Africa’s pace of economic growth is set to pick...

African Securities Exchanges Association Confab Reflects Strength of Continent’s Capital Markets

The African Securities Exchanges Association (ASEA), a premier association of 25 securities exchanges from across the continent—will hold its annual conference in Johannesburg from 15 – 17 November. ASEA President Oscar Onyema said that the theme of the conference—Africa Evermore: Growth for sustainability—embodied the potential, growth, and stability of Africa’s capital markets. The Johannesburg Stock Exchange (JSE), the continent’s largest and member of the World Federation of Exchanges (WFE), will host the conference.

Sovereign Trust Strategises for 2020 Business Year

L-R: Ugochi Odemelam, Executive Director, Marketing & Business Development,...

Addressing The Alarming Surge in Financial Fraud in Nigeria

By Elvis Eromosele The financial sector is the backbone of...

FOR THE RECORD

Press Briefing by NIA Chairman, Mr. GUS Wiggle on...

Global Passenger Traffic Rose 5.3% in March

The International Air Transport Association (IATA) announced global passenger...
spot_img

Related Articles

Popular Categories

spot_imgspot_img