The Governor of Abia State, Alex Otti, has called for a grassroots-driven approach to expanding insurance coverage across Nigeria, arguing that the benefits of protection must reach ordinary citizens rather than remain concentrated among large institutions. Speaking during the 2026 annual Chief Executive Officers retreat of stakeholders in the Nigerian insurance industry, held in Umuahia, the Abia State capital, Otti said wider uptake of insurance among urban and rural entrepreneurs and farmers would help businesses withstand unexpected shocks, safeguard jobs and protect household incomes. His remarks framed insurance not as a luxury but as a practical tool for everyday economic resilience.
The retreat brought together members of the umbrella body of the Nigerian Council of Registered Insurance Brokers, led by its president, Mrs. Ekeoma Ezeibe, who gathered at the Michael Okpara Auditorium in Umuahia. The event formed part of activities marking the official launch of the Insurance Penetration Initiative, a scheme designed to deepen the reach of insurance services across the country. As part of the proceedings, Governor Otti formally unveiled the initiative and integrated Abia State into the programme, positioning the state as one of its early adopters.
The gathering laid bare the scale of the challenge facing the sector through a set of sobering statistics. In a nation of more than 220 million people, less than two percent of the population is currently covered by one form of insurance or another, while fewer than three million people have any form of retirement protection. Speakers warned that these figures point to a vast protection gap that leaves the overwhelming majority of Nigerians exposed to financial ruin when accidents, illness or business losses strike.
The picture is even more troubling within the informal sector, which organisers noted accounts for around 65 percent of the country's gross domestic product and over 80 percent of total employment. Despite its central role in the economy, this segment remains almost entirely outside the formal insurance net, leaving traders, artisans and small operators with little cushion against shocks. Bridging this divide, speakers argued, is essential if insurance is to contribute meaningfully to national economic stability.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr. Olusegun Ayo Omosehin, called for broader participation in the scheme, noting that the strength of any economy lies in the resilience of its insurance system. He stressed that the message of the initiative had to be practical and people-centred, urging that it reach markets, business clusters, transport unions, professional bodies, educational institutions, religious centres, communities and artisans. He added that the campaign should be communicated in local languages and accessible formats so that it could resonate with ordinary Nigerians.
For his part, Governor Otti urged operators in the insurance sector to embrace technological innovation as a means of attracting more individuals, households and businesses into the insurance ecosystem. He described deeper insurance penetration as a critical economic development initiative, one capable of leaving a significant dent on poverty, unemployment and other unfavourable economic indices. By linking insurance to broader development goals, the governor sought to position the sector as a driver of inclusive growth rather than a narrow financial service.
The two-day event, which commenced with a courtesy visit to the country home of Governor Otti, featured presentations, stakeholder engagements and the formal unveiling of the penetration drive. Industry leaders used the platform to map out strategies for reaching underserved urban and rural communities, with particular emphasis on farmers and small entrepreneurs. With Abia State now formally integrated into the initiative, organisers expressed hope that the model could be replicated elsewhere to help narrow one of the country's widest economic protection gaps.