Joy Agwunobi
As 2025 winds down and the calendar inches toward a new year, many Nigerians are already reviewing their finances and plotting deliberate strategies for 2026, revisiting savings targets, adjusting investment plans, and setting fresh personal and professional goals. However, amid this planning frenzy, one critical pillar of financial resilience often gets sidelined which is adequate protection through insurance.
Recognising this gap, Coronation Life Assurance recently hosted a webinar titled “Build your 2026 Insurance Portfolio Like a Pro”, aimed at guiding the public toward more informed, forward-looking decisions. The session emphasised insurance not as a discretionary add-on, but as a fundamental pillar of any well-structured financial plan.
Delivering the keynote address, Kehinde Grillo, head of partnerships at Coronation Life Assurance, stressed that insurance should no longer be treated as an optional add-on but as a foundational element of any well-structured financial outlook.
He noted that while many people are already ticking off their business, academic, travel, and personal-growth aspirations for 2026, very few stop to ask a more fundamental question: “How protected am I if something goes wrong?”
According to him, 2026 will usher in a dynamic risk environment, one that rewards those who prepare early and penalises those who wait to react.
Grillo pointed to rising health concerns, including lifestyle-related and chronic illnesses that are becoming more common as remote work habits and sedentary living grow across the country. He also highlighted emerging financial vulnerabilities such as job losses, income instability, and the widening unemployment gap, describing them as issues that could disrupt personal plans if left unmanaged.
On the corporate and digital front, he warned that Nigeria’s expanding reliance on technology comes with heightened exposure to cyber-attacks, identity theft, digital fraud, and system breaches,risks that cut across individuals, SMEs, and large enterprises alike. Rising medical costs, escalating asset replacement prices, and broader economic uncertainties, he added, further reinforce the need for a stronger insurance culture in 2026.
“The reality is that 2026 will favour proactive planners. Any unplanned expense ranging from medical, professional, or personal can wipe out months or years of savings,” he emphasised, adding “Insurance is not a luxury; it is a necessity that determines how quickly you can recover from a setback and whether you can still meet your goals next year.”
To help the public rethink insurance more strategically, Grillo introduced the PRO Framework, a practical model for assembling a well-rounded insurance portfolio. He explained that the first step, represented by “P”, is the ability to protect what you cannot afford to lose. This, he noted, requires a sober assessment of the most vulnerable parts of one’s life: the income streams that would destabilise a household if interrupted, the personal health needs that could drain savings, and the physical or digital assets that would be too costly to replace without support. According to him, every individual must begin by identifying the areas where a sudden shock would have the greatest financial consequences.
Once those priorities are clear, Grillo said the next layer of the framework — “R”, which stands for reducing exposure to risk, involves closing the gaps. This is where individuals and businesses match their vulnerabilities to specific insurance solutions, ensuring that health, income, assets, dependants, and professional operations are covered in ways that prevent unexpected expenses from derailing their goals for the new year.
He stressed that this stage is about being deliberate, taking time to align each identified risk with the appropriate product rather than leaving one’s financial future to chance.
The final part of the model, represented by “O”, focuses on optimising for long-term value and cash flow. Grillo highlighted that insurance should not be viewed only through the lens of claims and protection, but also as a tool for building wealth and securing financial stability over time.
He pointed out opportunities such as retirement income plans, savings-linked policies, investment-backed instruments, and legacy transfer mechanisms that allow families to access benefits without the delays and administrative hurdles that often accompany probate. In his words, true financial preparation merges protection with planning, creating a structure that supports both present security and future prosperity.
Grillo further broke down the recommended portfolio mix for different categories of people, noting that insurance needs evolve as responsibilities grow.
For young professionals aged 20–35, he advised starting with basic but high-impact policies such as health insurance, income protection, device insurance (for laptops and smartphones), travel insurance, and early-stage savings and investment-linked plans. Premiums are typically lower at this stage, he said, but the long-term advantages are significant.
For families and individuals with dependants, the priority shifts to comprehensive health insurance, term life insurance for income replacement, critical illness cover, education savings plans, home insurance, and auto insurance, products that protect stability, lifestyle, and peace of mind.
High-net-worth individuals, on the other hand, require more advanced protection, including dollar-denominated life insurance, key man insurance, estate planning tools, asset protection beyond basic cover, and international health insurance tailored to global mobility.
For senior citizens aged 55 and above, Grillo emphasised international health coverage, critical illness plans, hospital cash benefits, and retirement annuities, products designed to guarantee income continuity and safeguard legacy.
The conversation also touched on the business environment, which, he argued, is equally vulnerable to unexpected disruptions.
For micro, small, and medium enterprises (MSMEs), essential policies include fire, theft and burglary cover; public liability; group life (which is legally mandated); workman’s compensation; health insurance for employees; and goods-in-transit cover for logistics-based operations.
Medium-scale companies, with more complex operations, require protection against people risk and operational risk through group health plans, key man insurance, professional indemnity (especially for tech, finance, and consulting firms), cyber insurance, machinery breakdown cover, and business interruption insurance.
For large corporates, the portfolio expands to advanced policies such as directors and officers liability insurance, marine or aviation cover (for relevant sectors), engineering and energy insurance, treasury risk protection, and political risk insurance for organisations with regional exposure.
Grillo noted that across all categories—young people, parents, SMEs, corporates, or retirees, the central question remains the same: Are you structurally prepared for the uncertainties that 2026 may bring?
He added with a reminder that while optimism about the coming year is necessary, optimism without preparation can be costly.
“Opportunities will come in 2026. The real difference between those who thrive and those who struggle is preparation. When you build an insurance portfolio, you are not just protecting yourself; you are safeguarding your dreams, your family, your business, and your future,” he said.
Bancassurance: Bringing insurance closer to Nigerians
While insurance penetration in Nigeria remains below 2 percent, banking reaches roughly 70 million people, presenting a huge opportunity to bridge this gap. Bancassurance, the partnership between banks and insurance companies,is emerging as a powerful solution.
Adaeze Ume,head of Digital Channels at AccessBank Plc, explained: “The trick is bringing insurance closer to where people already manage their money. Most customers are in banking; the challenge is how to make insurance accessible there. Our partnership with Coronation Life Assurance makes this possible.”
Ume highlighted how AccessBank has embedded insurance into everyday banking activities. Initially, insurance offerings were available at over 50 branches, enabling cross-selling and in-person consultations. Today, these services have expanded to digital channels, allowing customers to access insurance via USSD codes and mobile apps, eliminating location barriers.
“Even on our mobile app, subscribing to insurance is simple.It’s as easy as using your phone for any banking transaction. For those who prefer a personal touch, customers can still visit a branch and consult an insurance agent to identify products that meet their needs. This conversational profiling ensures customers take out the best insurance for their situation,” She noted.
Ume emphasised that bancassurance is an evolving space. “As technology advances, we continue to explore ways to expand penetration. The bancassurance partnership is at the forefront of changing the narrative,even though insurance penetration is currently only 2 percent.”
