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NIA Advocates Continuous Insurance Awareness To Grow Industry

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The Director General of Nigerian Insurers Association (NIA), Mrs. Bola Odukale has advocated continuous insurance awareness creation across the country to eliminate the prevailing negative perception about insurance and grow the industry.

Odukale made this call when the executive members of the Nigerian Association of Insurance and Pension Editors (NAIPE) paid a courtesy visit to her in Lagos.

According to her, insurance practitioners must always put themselves in the face of the people through collaboration with the media.

She said: “Image making is part of the business of insurance especially for an industry like ours that everybody claims much of the time that they don’t know much about. We keep hearing things like ‘we don’t know anything about insurance’ and the feedback is always like everybody seems to lack knowledge of insurance in its entirety. Everybody seems to be in the dark about insurance or what insurance is all about and this has been a recurrent decimal as far as the trajectory of the industry is concerned.

“So what that says to me is that there must be continuous engagement, we must continuously put ourselves in the face of the people. Nobody will say they don’t know what the banks do. Lots of people don’t claim the kind of ignorance about the banking sector like they claim about the insurance sector.

“Hence, the fact remains that the media is part of us and the image maker of the industry. Collectively as an industry, you remain the image maker of our industry. You are a vital part of us as far as this industry is concerned, hence matters with you cannot be taken with levity and I want to assure you that we are going to be working together.”

She added that “What that means is that we still have a lot of work to do and we must continuously ensure that we do the right thing, continuously projecting our industry out there and in a very bright light. I am saying that to re-emphasise the fact that you are key to us, and we are also willing to work together with you.”

While speaking on the third party motor insurance awareness campaign, Odukale said: “The third party awareness is going to be sustained for the long haul because this is not about third party but about insurance. We are bringing insurance awareness closer to the people, even though we are focusing on third party. It is still talking about insurance, letting people know that there is something called insurance. So it is not a conversation that we are just going to end in February, it is something we intend to push further and further.

“Talking about this third party has shown that a lot of awareness creation is required. So we will work with you over the long haul, so that we sustain the tempo.”

She, however, appealed to insurance journalists to collaborate with the industry to project the sector in a positive light and protect the industry.

“A lot of us have prospered from this industry, so it behooves on us to protect the industry in terms of our reporting. When we are doing our balanced reporting, we should ask ourselves, ‘what is the end result? So that at the end of the day if anybody reads anything about the industry, how does it settle in the persons mind. Does it make the person have a better perspective of this industry?”

Meanwhile, the Chairperson of NAIPE, Mrs. Nkechi Naeche-Esezobor while making her presentation charged insurance operators to hold regular briefing with the media to keep the journalists abreast of developments in the industry.

She said: “The NIA can collaborate with the media on awareness creation through quarterly briefings on developments in the sector. Through the quarterly briefings, the media will be aware of developments in the sector and adequately push out the message to the public.”

NAIPE Chairperson also advocated for regular articles on insurance to be published by insurance journalists on their various platforms to spread the message of insurance.

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Sanlam, Allianz Merger Expected In Nigeria

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Sanlam and Allianz have sparked speculation in Nigeria’s insurance industry following a wave of coordinated digital communication activities indicating an imminent completion of the expected merger of the operations in Africa’s largest economy.
The firms, which have already merged operations in 27 African countries, including Ghana and Rwanda, under the SanlamAllianz banner, are now widely believed to be ramping up their alliance in Nigeria as the next significant step in their partnership.
Recent posts on both companies’ digital platforms featuring their logos side-by-side and joint thematic messaging have drawn attention across financial and business circles. The coordinated activity mirrors pre-merger patterns observed in other African markets where their collaboration was subsequently formalised.
In 2022, Sanlam and Allianz announced the formation of a strategic joint venture covering 27 African markets. The move was intended to combine Sanlam’s local market depth with Allianz’s global scale and technical expertise, creating a formidable pan-African financial services entity with ambitions to lead in life and general insurance, asset management, and health insurance.
The partnership has taken concrete shape in countries like Ghana, where existing operations have been unified and rebranded under the SanlamAllianz name. The goal has been to offer more relevant, inclusive, and tech-forward financial solutions for individuals and businesses in these markets.
Nigeria is the continent’s most populous nation and its largest economy, yet despite recent progress, its insurance penetration remains under 1%. In 2023, the industry crossed the ₦1 trillion gross written premium mark for the first time, indicating untapped potential and growing consumer interest in financial protection.
Given these dynamics, analysts say Nigeria is a natural next step in the SanlamAllianz expansion journey. The presence of both logos in coordinated messaging has been read as a signal of intent. Both brands already operate in Nigeria, and a merger of local operations would represent a formidable alliance and substantial consolidation.
Market observers believe such a move could raise the bar in Nigeria’s insurance industry, fostering more robust competition, improved product design, and greater consumer trust in formal financial services. It would also align with both firms’ broader objective of promoting financial inclusion and building long-term resilience across African economies.
At a time when several global brands are reassessing their African strategies, Sanlam and Allianz’s continued commitment affirms their vote of confidence in Nigeria’s long-term prospects. This potential merger could not only reshape the insurance landscape but will also evidently become a significant catalyst and signal to the global investment community that Nigeria remains a viable and valuable market.

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Ghana’s Delegation In Nigeria To Marine Cargo Sector

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Commissioner for Insurance, Olusegun Omosehin received delegates from Ghana's Marine Cargo Technical Committee on a study tour of Nigeria's marine cargo sector at his office in Abuja recently. The delegation was led by Mr. Fred Asiedu-Darteh of Ghana Shippers' Authority.

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Stakeholders Assess Progress, Challenges In Implementing Building Insurance Regulations

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The National Insurance Commission (NAICOM) convened the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction recently in Abuja.
The meeting, chaired by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, brought together stakeholders to discuss progress and challenges in implementing insurance regulations for public buildings and buildings under construction.

In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and briefed the committee on NAICOM’s enforcement efforts, which have commenced with third-party motor insurance and are expanding to public buildings and buildings under construction. He emphasized the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.

The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement. Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.

The Chairman of the joint committee, Mr. Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured. Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked committee members for their support and participation.

The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.

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