NCRIB urges pension fund integration to boost Nigeria's insurance penetration below 1%
The Nigerian Council of Registered Insurance Brokers states that integrating PenCom's N29.52 trillion pension assets into Nigeria's insurance sector could lift penetration from below 1% to levels matching South Africa (12%) and Kenya (7%), NCRIB President Ekeoma Ezeibe declared at Tuesday's 2026 Inaugural Annual Insurance Week in Awka. Current penetration leaves most Nigerians uninsured despite pension funds growing steadily to N29.52 trillion in March 2026, up from N28.04 trillion in January.
Ezeibe noted pension administration was part of Nigeria's insurance sector before the Pension Reform Act established PenCom. While PenCom currently collaborates with NAICOM on retiree life annuities and group life policies, full integration could unlock vast new coverage for underserved groups. She emphasized microinsurance—targeting artisans, farmers, traders, and food vendors—as a critical growth avenue, with NAICOM licensing dedicated operators to serve low-income earners.
Technology adoption and low public awareness remain key barriers, with Ezeibe arguing Nigerians underutilize digital tools for insurance and often rely solely on faith for protection. "When you bring all these groups into the insurance safety net, you begin to realize that little drops of water can indeed make a mighty ocean," she said.
If pension funds entered the insurance net, would you consider microinsurance for your business or livelihood, advocate for policy integration, or explore how digital platforms could simplify coverage for your needs?