Insufficient insurance threatens Nigeria’s development gains
By the AFREEQUE newsroom, based on Businessday
Illustrative image · mk_photoz · Pexels · Licence PexelsMutual Benefits Assurance managing director Olufemi Asenuga says low insurance coverage exposes Nigerian households, businesses and infrastructure to losses from illness, fires, floods and business interruptions. He spoke at a University of Lagos conference as gross premiums rose 47% in 2025, according to BusinessDay.
Sustainable development progress in Nigeria risks being undermined by inadequate coverage for households, businesses and public institutions against financial shocks, Olufemi Asenuga, managing director of Mutual Benefits Assurance Plc, warned on behalf of Mutual Benefits Group chairman Akin Ogunbiyi. He was speaking at the 19th annual research conference and fair of the University of Lagos, according to BusinessDay.
Nigeria’s insurance market nevertheless recorded a 47% increase in gross premiums in 2025, to about 2.3 trillion naira from 1.56 trillion naira in 2024. Asenuga believes that this growth does not yet sufficiently protect the population against illness, deaths, fires, floods, climate disasters and business interruptions.
He called for risk management and insurance to be incorporated into national economic planning, rather than treated as simple financial services. In his view, compensation can help households and organisations recover without bearing the cost of unexpected losses alone, in line with the United Nations’ sustainable development goals on the resilience of vulnerable populations and access to financial services.
