Adesina named Global Insurance Ambassador

Former President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has been named Global Insurance Ambassador and Face of Insurance in Nigeria following his recognition at the Nigeria Insurance Directors Conference in Lagos.

Adesina received the appointments at the conference organised by the Chartered Insurance Institute of Nigeria (CIIN) in collaboration with the National Insurance Commission (NAICOM) on Thursday, November 6, 2026.

The former AfDB president accepted the responsibility and pledged to use his experience, international connections and leadership influence to support the growth and transformation of Nigeria’s insurance industry.

Adesina called for urgent reforms in the sector, saying a strong insurance industry was necessary for Nigeria to achieve its ambition of building a $1 trillion economy.

He said Nigeria’s insurance penetration currently stood at about 0.5 per cent of GDP, a situation he considered inadequate for a country seeking to expand its economy and attract more investments.

Adesina urged insurance companies to rebuild public confidence by improving customer service and ensuring that legitimate claims were paid promptly.

He explained that the real test of an insurance company was its ability to provide financial protection when customers suffered losses rather than simply collecting premiums from them.

He also called on insurance directors to take greater responsibility for the performance of their companies, particularly in claims settlement, customer complaints, financial management and corporate governance.

The former AfDB president proposed that the National Insurance Commission introduce an annual public report showing the performance of insurance companies, including the number of claims received, settled and outstanding, as well as the time taken to process payments.

On the ongoing recapitalisation exercise under the Nigerian Insurance Industry Reform Act 2025, Adesina warned that increasing the capital base of insurance companies would not automatically solve the problems facing the sector.

He said stronger financial positions must be supported by proper management, effective risk assessment, adequate reserves and improved corporate governance.

Adesina further urged the regulator to strengthen its supervision of insurance companies and ensure that operators complied with industry reforms.

Speaking on the contribution of insurance to economic growth, he called for wider coverage across agriculture, infrastructure, manufacturing, energy, transportation, healthcare and housing.

He explained that investors would be more willing to commit funds to major projects when the risks involved were properly managed.

He also encouraged insurance companies to invest part of their available funds in viable infrastructure and other productive sectors, while ensuring that the interests of policyholders remained protected.

Adesina called for stronger local reinsurance capacity to enable Nigerian companies to retain and manage more risks within the country instead of depending heavily on foreign institutions.

He also welcomed NAICOM's 2031 targets of increasing insurance penetration to 10 per cent of GDP, providing active insurance coverage to 25 million Nigerians and developing 6,000 certified insurance professionals.

He said achieving the targets would require cooperation among regulators, professional bodies and insurance operators.

Adesina recommended regular performance assessments to ensure that the industry made measurable progress in expanding insurance coverage, improving services and adopting technology.