Economy
Insurance Penetration in Nigeria at All-Time Low—Anselem Igbo
By Dipo Olowookere
The chief executive of Stanbic IBTC Insurance Brokers Limited, Mr Anselem Igbo, has said that the insurance penetration in Nigeria was currently at an all-time low.
Mr Igbo expressed this view when he addressed newsmen at a media parley held virtually on Monday, June 29, 2020, in Lagos.
The event was to commemorate the World Insurance Awareness Day and the discussions centred around Insurance being a necessity: Securing the future, protecting what’s important.
The insurance brokerage expert noted that the low penetration has a huge negative effect on the businesses and the economy as well as individuals.
“As of today, insurance penetration in the country is at an all-time low and this isn’t favourable for the well-being of individuals, businesses and the economy in general.
“The insurance business is a unique one which enables clients effectively manage their risks. Such risks may include theft, accident, robbery, injury, man-made and natural disasters, and even death,” the Stanbic IBTC Insurance Brokers chief said.
Though Mr Igbo acknowledged that the industry was battling with a trust issue, he stressed that this was not peculiar to Nigeria because many people from other countries find it difficult to embrace insurance.
“Trust in insurance occurs because people do not understand what insurance is and when you don’t understand something, it is difficult to be a part of it,” Mr Igbo said while responding to a question from Business Post during the parley.
Speaking further, he advised Nigerians on the importance of insurance so as to deepen its coverage in the country, emphasising that, “Insurance helps to achieve peace of mind through risk transfer and efficient insurance claims.”
Mr Igbo said he understands that some people may have refused to subscribe to any insurance problem because of the bottlenecks faced when filing for claims, he said his company takes time to advise clients on what product they should go for.
“Our solutions serve individuals and corporate entities, as well as existing customers and non-customers of the Stanbic IBTC Group.
“As insurance professionals with a vast knowledge of the workings of the insurance market, we can arrange the most suitable policies for our individual and corporate clients.
“There are various personalised insurance products and services which serve all classes of the society from individuals to groups, associations and large corporates.
“As Nigeria’s leading insurance brokerage company, Stanbic IBTC Insurance Brokers offers life, hope and support particularly in the wake of the current global pandemic.
“We will not relent in our effort to continually seek opportunities to help businesses, individuals and even the government boost resilience in these times. We remain keen on providing seamless solutions that suit diverse needs,” he said.
Mr Igbo urged “Nigerians to take a step in the right direction by investing in insurance coverage to protect their assets and valuables.
“With much excitement, I can tell you that our anticipated plan to improve our clients’ experience is gradually coming to fruition and you will be seeing some of these in the public space very soon.”
Stanbic IBTC Insurance Brokers is a member of the over 156-year old Standard Bank Group to which Stanbic IBTC Holdings PLC belongs.
The firm has continually built on its parent company’s brand strength-enhancing successful value-creation in its operations across Africa.
The CEO assured that, “We will continue to adopt global best practice in our operations, including exceptional quality of service and facilitating prompt payment of claims for our clients.”
Other executives of the company at the meeting, including Ms Sakeenat Bakare, the Executive Director/Business Development and Support Services; Ibiyemi Mezu, the Head of Business Development Division; Mr Ibraheem Kadiku, the Head of Underwriting; and Mr Adebisi Oresanya, the Head of Claims, assured Nigerians to get the best if they subscribe to any insurance product through Stanbic IBTC Insurance Brokers.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.
The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.
The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.
Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.
On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.
Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.
During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.
The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.
By Adedapo Adesanya
Crude oil plummeted on Wednesday on hopes of the reopening of the Strait of Hormuz after US President Donald Trump agreed to a two-week ceasefire with Iran.
Brent crude futures moderated to $94.75 a barrel, while the US West Texas Intermediate (WTI) crude eased to $94.41 a barrel.
President Trump said on Wednesday that the US will work closely with Iran and will be talking about tariff and sanctions relief with Iran.
However, analysts cautioned that the ceasefire is a temporary two-week reprieve rather than a permanent resolution, and the global energy system remains fragile due to structural damage to regional infrastructure.
Reuters reported that Iran could open the strait in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan.
Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the US-Iran ceasefire deal. A Greek-owned bulk carrier and a Liberia-flagged vessel both transited the waterway early on Wednesday.
Meanwhile, Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under the ceasefire.
Also, Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day to bypass the shuttered strait.
The strikes occurred just hours after a US-Iran ceasefire announcement, which has so far failed to halt regional hostilities. Other facilities in the kingdom were also targeted in the wave of strikes, which the Islamic Revolutionary Guard Corps (IRGC) claimed included oil facilities owned by American companies in Yanbu.
US crude stocks rose by 3.1 million barrels to 464.7 million barrels during the week ended April 3, the Energy Information Administration (EIA) said.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
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