With Nigeria’s insurance penetration still below one per cent of gross domestic product (GDP), the Chartered Insurance Institute of Nigeria (CIIN) has intensified efforts to reposition the sector as a critical driver of economic growth through its nationwide Insurance Week 2026 campaign.
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The institute said the initiative, scheduled for May 15 to 22, is designed to tackle the long-standing disconnect between insurance adoption and economic productivity by expanding awareness, deepening inclusion and strengthening public trust in insurance products.

The President of the CIIN, Yetunde Ilori, described the low penetration level as a direct constraint on Nigeria’s economic resilience, noting that a weak insurance culture limits the sector’s ability to contribute meaningfully to GDP.

“This is not just an industry event; it is a national economic conversation. If we are serious about strengthening GDP and protecting livelihoods, insurance must move from the margins to the mainstream,” she said.

Chairman of the Insurance Week 2026 Planning Committee, Funmi Omo, said the organisers were deliberately targeting underserved segments of the economy, including MSMEs, informal sector operators and young Nigerians, to drive broader participation.

“We are taking insurance to the markets, schools and communities because expanding penetration is the only way the industry can truly impact economic growth and national stability,” she said.