Abia State Governor Alex Otti has met with leaders from the Nigerian insurance sector in Umuahia and expressed support for efforts to grow insurance use across the country.
He shared on his X page that he received a delegation led by Mrs. Ekeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers (NCRIB).
The team also included the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, along with other industry leaders.
The governor praised NCRIB for its work in increasing awareness about insurance and building public trust in the sector.
He said insurance helps protect people, businesses, and investments from unexpected losses.
Otti noted that many people in Abia are involved in trade, manufacturing, and small businesses, making insurance an important safety net for them.
He also welcomed the Insurance Penetration Initiative launched in the state and said his administration will support efforts to expand it.
He added that as the Insurance Chief Executive Officers’ Retreat continues in Umuahia, he expects useful discussions that will benefit the industry and the state.
In Nigeria’s insurance sector, NAICOM and NCRIB work hand in hand to maintain industry standards, but they occupy completely different positions.
NAICOM comes across as the government’s official referee and lawmaker for the entire market, while NCRIB is an elite professional body that protects and regulates independent middlemen.
Insurance is still an emerging sector in Nigeria, with mild participation in Nigeria’s advanced cities like Lagos and Abuja. Top firms with sizeable customer base in Nigeria include Leadway Pensure, FCMB Insurance, and other insurance brands.
Abia State could benefit from broader insurance policies, as it houses thousands of Small and medium-sized enterprises (SMEs) that need some form of cover against hazards or losses.
Otti, a former banker well-versed in finance, is clearly in his area of knowledge here. NAICOM and NCRIB would make perfect partners for Abia’s commercial state and its hundreds of merchants.
