Mr Kunle Ahmed, Chairman of the Nigerian Insurance Association (NIA), says the recent rise in Foreign Direct Investment (FDI) in Nigeria indicates renewed interest in the nation’s insurance sector.
Ahmed, who emerged as the 26th Chairman of the NIA, said this at his re-investiture media parley on Wednesday in Lagos.
The News Agency of Nigeria(NAN) reports that the nation’s FDI stood at 3.3 million dollars as at the second quarter of the year.
According to Ahmed, this growth presents a valuable opportunity for the insurance industry to capitalise on the momentum and reshape its future.
“As we navigate a complex socio-economic environment in our country, the insurance industry also finds itself at a critical juncture,” Ahmed said.
He highlighted that the nation’s challenges, ranging from inflation to security concerns, had significantly increased the risk profile for both individuals and organisations.
“However, these challenges equally present our industry with unique opportunities for growth and innovation.
“Incidentally, insurance is one of the solutions that can be deployed to confront some of these challenges,” he said.
According to him, globally, insurance has proven to be a powerful tool for stabilising economies, protecting investments, and providing the financial resilience that allows societies to thrive.
According to him, Nigeria, being one of Africa’s largest economies, still lags behind both African and global averages in terms of insurance penetration.
The NIA chairman stated that to turn these challenges into opportunities for the growth of the industry and the prosperity of our nation, his leadership would focus on some strategic areas.
He further said that some of the focus would be on customer-centricity, digital transformation, commitment to excellence, advocacy and collaboration, education and awareness.
Ahmed said: “With the government outlining ambitious priorities for socio-economic transformation, there is an increasing need for industries that can support this vision.
“One of such industry is insurance, an often overlooked but critical player in economic development.
“As we move forward, the role of insurance in de-risking vital sectors, driving financial inclusion, and creating a resilient economic framework cannot be overstated.
He appreciated all NIA members, particularly members of the Governing Council and insurance company’s Chief Executive Officers (CEOs) for trusting him to lead the association.
The NIA chairman also called for further media partnership to succeed in the task ahead.
He joined the Governing Council of NIA in 2018 and served the council in various capacities, including, Honourary Treasurer, Chairman of the Finance and Investment Committee, Deputy Chairman, Chairman of the Association’s Technical Committee.
Ahmed, member of Ikoyi Club 1938 and Capital Club Lagos. elected as the 26th Chairman of the association on June 27. (NAN)(
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