Stakeholders in the insurance industry have intensified calls for direct policy interventions, cautioning that structural bottlenecks and weak reform momentum could continue to stifle growth.

A high-level delegation led by the Nigerian Insurers Association (NIA) to meet with the Special Adviser to the President on Economic Matters, Tope Fasua, in Abuja, sought stronger collaboration to deepen insurance penetration and align the sector with national economic priorities.

Director of Operations of the NIA, Lanre Ojuola, said the industry was looking to the government to create an enabling environment that would unlock growth and expand coverage across key sectors of the economy.

“Insurance plays a vital role in managing risks and supporting economic stability, but penetration remains very low. Stronger government support, especially in enforcement and policy alignment, will help to drive growth,” Ojuola said.

Fasua acknowledged the importance of the insurance sector to economic resilience and financial inclusion, noting that the presidency was open to deeper engagement with operators to strengthen its contribution to the economy.

Beyond the official engagement, leading industry voices said the sector’s challenges are well known and require urgent, coordinated action.
An industry consultant, Akindele Daniel, said enforcement of compulsory insurance policies remained a major gap.

“We have enough law to drive penetration, but enforcement is weak. Government must ensure compliance with compulsory insurance if we want to see increasing growth,” he said.

Also speaking at an industry event in Lagos, Chairman of Mutual Benefits Assurance Plc, Akin Ogunbiyi, stressed the need for incentives to attract Nigerians into the insurance net.

“There must be deliberate policies such as tax incentives and integration of insurance into government programmes. Without incentives, many individuals and businesses will continue to see insurance as non-essential,” Ogunbiyi noted.