Enterprise NGR eyes 3% insurance contribution to GDP

Enterprises NGR has emphasised the need for the rise in the insurance penetration rate in Nigeria, advocating an increase of three per cent insurance premium income to the Gross Domestic Product (GDP). The firm’s Chairman, Aigboje Aig-Imoukhuede stated this while fielding questions from newsmen at the 2026 insurance sector consultative forum, themed: “Driving collective advocacy […]

Enterprises NGR has emphasised the need for the rise in the insurance penetration rate in Nigeria, advocating an increase of three per cent insurance premium income to the Gross Domestic Product (GDP).

The firm’s Chairman, Aigboje Aig-Imoukhuede stated this while fielding questions from newsmen at the 2026 insurance sector consultative forum, themed: “Driving collective advocacy for the transformation of Nigeria’s Insurance Industry.”

“The whole idea is to achieve a level of relevance of insurance in the economy that is higher than what it is today. Right now, we are under one percent penetration in terms of insurance to GDP ratio.

“Some countries are three percent, 11 percent, so if we grow from where we are today to three per cent, that is tripling the sector and if we go 11 per cent, that is 10 times growth and the effect on overall economy will be tremendous,” he said.

He expressed the firm’s commitment to boost the growth of the sector through effective collaboration with stakeholders.

“We found that in many nations that have moved from emerging status to advance status, the financial and professional services aspect of those countries are very vibrant. It then becomes an anchor for investment internationally and mobilise investment domestically.

“The greatest source for growth for any economy is investment and the lever through that growth is achieved is through the financial and professional services sector, so we want to have a vibrant and professional service sector. 

“One of the professions and services across the world is insurance and that’s why we are focused on the insurance sub-sector at this time,” he said.

Senator Tokunbo Abiru, Chairman Senate Committee on Banking, Insurance and other financial Institutions commended the firm’s determination to boost the sector, saying collaboration is key to the effective implementation of the Nigeria Insurance Industry Reform, Act .

“The essence of this gathering to me goes beyond putting the law in place but to now begin implement the piece of legislation in the law and that is the only way you can move the insurance industry forward.

“Implementation can best be achieved if we have cooperation and collaboration among all the players in the industry, and we have to thank Enterprises NGR for leading this advocacy,” he said.

Olusegun Ayo Omosehin, the Chief Executive Officer of the National Insurance Commission (NAICOM) stressed the need for collaboration to deepen insurance penetration.

“There is no nation on this planet that can successfully transit to that level of growth without the resilience required by the insurance sector,” he said.