The Nigerian insurance industry has been urged to prioritize client-focused strategies in 2025 as a pathway to rebuilding trust, enhancing innovation, and driving sustainable growth. Gus Wiggle, Chairman of the Nigerian Insurers Association (NIA) and Principal Consultant at Carefirst Consult, emphasized these points during a recent address.
Wiggle highlighted the urgent need for collaboration among stakeholders to transform the industry into a key driver of economic progress. He noted that overcoming trust deficits, adopting innovative practices, and fostering transparency are crucial for achieving these goals.
Trust remains one of the industry’s most significant challenges. Wiggle commended the leadership of the Commissioner for Insurance, Mr. Olusegun Omoshehin, for prioritizing trust-building. He stressed that every stakeholder must contribute to ensuring a more transparent and reliable insurance sector.
“Building trust requires deliberate efforts to create a culture where Nigerians believe in the industry’s ability to deliver on promises,” Wiggle stated.
Key Expectations for 2025
Regulatory Bodies
Wiggle called on the National Insurance Commission (NAICOM) to strengthen regulatory frameworks by promoting transparency, enforcing corporate governance, and protecting consumers. He emphasized the need for regular audits, prompt approval of new insurance products, and campaigns to educate Nigerians about their rights and the benefits of insurance.
NAICOM was also urged to ensure compliance with the Risk-Based Capital framework and the anticipated Insurance Industry Reform Bill 2024, which is expected to be passed in 2025.
Insurance Brokers and Companies
Insurance brokers were encouraged to focus on providing client-specific solutions, investing in continuous training, and maintaining high ethical standards. Wiggle expressed the need for brokers to align their practices with global best standards, particularly drawing inspiration from international markets like the UK.
Insurance companies, under the Nigerian Insurers Association, were called upon to foster collaboration with regulators and other stakeholders. Wiggle noted that transparency and unified efforts are essential for creating a favorable environment for growth.
Loss Adjusters and Media
Wiggle identified loss adjusters as a critical yet underperforming segment of the industry. He advised them to leverage technology like AI and drones for damage assessment and maintain impartiality to rebuild trust.
The media was also urged to act as watchdogs, ensuring accountability and fairness across the industry. Wiggle highlighted the importance of balanced reporting and showcasing success stories to inspire positive change.
The Role of Education and Training
Wiggle acknowledged the contributions of the College of Insurance and Financial Management in training skilled professionals and advancing research in the sector. He expressed hope that the institution would continue to drive innovation and professionalism through specialized certifications and courses.
