Insurance penetration in Nigeria remains below one per cent of Gross Domestic Product (GDP), highlighting the limited reach of insurance despite the country’s population of more than 220 million.
Kunle Ahmed, Chief Executive Officer of AXA Mansard Insurance, disclosed this at the launch of the company’s “Culture of Care” campaign, where he called for a shift in how Nigerians perceive insurance.
Ahmed said the industry’s challenge goes beyond simply creating awareness, arguing that more Nigerians need to understand insurance as a practical tool for protecting families, businesses and communities.
“Protection does not begin with an insurance policy. Protection begins with people,” he said.
He explained that parents who take health insurance for their children, businesses that provide protection for employees and families that prepare financially for unexpected events are all demonstrating a culture of care.
According to Ahmed, the industry must connect insurance with values Nigerians already understand and practise, rather than presenting it primarily as another financial expense.
“The challenge is therefore not simply awareness. The challenge is helping Nigerians see insurance not as an expense, but as a practical expression of care,” he said.
His comments come as the insurance industry undergoes significant regulatory and structural changes, including the passage of the Nigerian Insurance Industry Reform Act (NIRRA) 2025 and the ongoing recapitalisation of insurance companies.
Ahmed said the recapitalisation exercise should not be viewed solely as an effort to increase insurers’ capital bases.
He said the objective should also be to build stronger institutions capable of underwriting larger risks, settling claims more efficiently, investing in innovation and supporting broader economic activity.
A stronger insurance industry, he added, could help de-risk sectors such as agriculture, manufacturing, infrastructure and digital services, while supporting investment and long-term savings.
Adebola Surakat, Chief Marketing Officer of AXA Mansard, said the “Culture of Care” campaign was built around a simple question: “Who takes care of the caregiver?”
Surakat said care has traditionally been an important part of Nigerian society, with families, neighbours and communities supporting one another during difficult periods.
She identified parents, teachers, neighbours, friends and other caregivers as people whose daily sacrifices help sustain families and communities.
According to her, the campaign seeks to broaden the way insurance is understood by presenting protection in more human terms and encouraging Nigerians to value and protect the people who care for others.
