The Chartered Insurance Institute of Nigeria (CIIN) has intensified efforts to deepen insurance penetration, taking awareness directly to traders and small business operators in major markets.

This comes amid renewed industry push to expand coverage within Nigeria’s vast informal sector.

The initiative carried out during the just-concluded 2026 Insurance Week saw insurance professionals engaging traders at Moyosore Market in Oshodi, Lagos, on the importance of insurance as a financial hedge against unforeseen losses and business disruptions.

At the outreach, CIIN Council member, Yeside Oyetayo, said the campaign was aimed at changing public perception about insurance and encouraging market women and small-scale entrepreneurs to embrace policies that can protect their livelihoods.

According to her, insurance remains a critical economic buffer capable of helping traders to recover from fire outbreaks, burglary, accidents and other unexpected events that could wipe out years of investment.

She explained that life insurance products could also guarantee uninterrupted education for children and provide long-term financial security for families, while general insurance policies offer protection for shops, vehicles and homes.

“Insurance is a backup for every business owner. It helps people return to the financial position they were before any unfortunate incident occurred,” she said.

Insurance firms, including AXA Mansard Insurance, Noor Takaful Insurance and Enterprise Life, participated in the awareness, offering enlightenment on products tailored to small businesses and low-income earners.

Industry observers said the move reflected growing recognition among operators that the future growth of the insurance industry lies largely within the informal sector, which accounts for a significant share of the country’s economic activities.

They noted that despite regulatory reforms and increased public awareness, Nigeria’s insurance penetration rate remains among the lowest globally due to weak trust, low financial literacy and poor understanding of insurance products.