For decades, Africa’s insurance industry has struggled with a familiar challenge, convincing millions of people that insurance is not merely a stack of documents, premiums, and policies, but a practical safety net capable of protecting lives, livelihoods, and futures.
At the 2026 Africa Bancassurance Storytellers Forum (ABSF) Conference and Film Showcase, industry leaders, regulators, and insurance advocates argued that the continent’s biggest insurance problem may no longer be access alone, but the inability to tell its story in a way ordinary Africans can emotionally connect with.
Held under the theme “From Tales to Trust: Reimagining Africa’s Insurance Story,” the gathering positioned storytelling, film, and lived experiences as critical tools for rebuilding trust in a sector still grappling with low penetration and weak public confidence.
Speaking at the event, Chima Nwachukwu, convener of the ABSF, called for a re-examination of how insurance is understood on the continent, arguing that Africa must reclaim its historical connection to risk management and collective protection systems.
Nwachukwu noted that insurance in Africa has long been misunderstood because it was introduced to many people as a commercial product rather than a system of protection and survival rooted in African history.
Drawing from the biblical story of Joseph interpreting Pharaoh’s dream in ancient Egypt, he described the seven years of abundance and famine as one of the earliest examples of organised risk management, actuarial thinking, and insurance principles.
According to him, Joseph’s strategy of storing resources during prosperous years to prepare for future hardship represented the foundation of what later evolved into modern insurance systems.
Nwachukwu lamented that Africa gradually lost ownership of the narrative, allowing ideas and systems that originated from the continent to be repackaged abroad and reintroduced to Africans as foreign concepts.
He noted that despite the long history and relevance of risk protection systems, insurance penetration across Africa remains below three percent, largely because many Africans do not emotionally connect with the industry.
“Insurance was presented to Africans as paperwork instead of protection, as policy instead of people, and as sales instead of survival,” he said.
Nwachukwu described the forum as more than an industry event, but a broader movement aimed at rebuilding trust, restoring historical memory, and reshaping how insurance is communicated across the continent.
A recurring theme throughout the conference was the growing belief that storytelling, films, and relatable human experiences may prove more effective in driving insurance awareness than traditional advertising campaigns.
Abimbola Tiamiyu, registrar of the Chartered Insurance Institute of Nigeria (CIIN), said the initiative represents an educational movement rather than a marketing exercise.
She noted that film and visual storytelling offer a powerful way to reach younger audiences who increasingly consume information through digital media rather than traditional formats.
While older generations may still engage more with written communication, she said younger people are largely influenced by movies, social platforms, and visual narratives.
She added that the institute was pleased to associate with the initiative because it aligns with efforts to introduce insurance consciousness to younger audiences early enough while also keeping older generations engaged.
That message on the need for stronger emotional connection in insurance was reinforced by Rose Wanda, secretary general of the Organisation of Eastern and Southern Africa Insurers (OESAI), who joined the conference virtually.
Wanda argued that storytelling could become one of the insurance industry’s most powerful tools in Africa, noting that insurance, before being financial, is deeply emotional because it revolves around people’s lives, fears, and aspirations.
“Insurance is emotional even before it is financial. We often talk about policies, premiums, and processes, but at its core, insurance is about people. It is about a parent seeking security for their children, a business owner hoping to recover after a loss, or a family looking for stability during uncertain times,” she said.
According to her, consumers rarely connect emotionally with policy documents or technical language, but they do connect with stories that reflect their realities and experiences.
“People do not buy insurance simply because of numbers on a document,” she explained. “They buy it because they want to protect what matters most to them. Humans rarely connect emotionally with policies; we connect with stories.”
Wanda also pointed out that Africa’s low insurance penetration cannot be explained by affordability and access alone, stressing that trust and public perception remain major barriers for the industry.
“We often speak about low insurance penetration in terms of affordability or access, and while those issues matter, perception and trust matter just as much,” she said. “Insurance has a narrative problem, not just a penetration problem.”
She noted that for many Africans, insurance still appears distant, complex, and only relevant during emergencies, while negative experiences around delayed claims and exclusions continue to shape public distrust.
“For many people, insurance feels complicated or only relevant during a crisis,” she said. “Some hear the word insurance and immediately think of delayed claims, exclusions, or promises they are unsure they can trust. As an industry, we must take responsibility for changing that story.”
Wanda maintained that real-life testimonies of families supported during difficult periods, businesses restored after losses, or successful claims settlements could build confidence in the sector more effectively than large advertising campaigns.
“Just one genuine story of a family supported during hardship, a business restored after loss, or a claim successfully paid can build trust more powerfully than a hundred advertisements.The stories we share make insurance feel real and human,” she stated.
Wanda also warned that although technological innovation is transforming the industry through artificial intelligence, digital platforms, and other emerging tools, technology alone would not be enough to build meaningful trust with consumers.
“Technology is opening exciting opportunities for growth and accessibility, but technology alone will not build trust. Human connection will,” she said, while also noting “The future of insurance will belong to organisations that know how to connect with people in genuine and relatable ways, organisations that communicate with empathy and understand that behind every policy is a person, a family, a dream, or a future someone is trying to protect.”
Adding a cultural dimension to the discussion, Abiba Zakariah, commissioner of insurance in Ghana, highlighted Africa’s long-standing tradition of communal support systems, noting that insurance essentially performs a similar function in modern form.
She said the industry has struggled to effectively communicate this alignment, contributing to public mistrust and misperception.
According to her, many insurers have not told their own story well enough, leaving room for scepticism to shape public opinion.
Zakariah said it was encouraging that younger generations are beginning to rethink how insurance narratives are communicated, especially through creative formats that reflect African values of collective care and responsibility.
The conference also reflected the growing momentum within Nigeria’s insurance industry around awareness creation, and market penetration efforts.
Ekeoma Ezeibe, president and chairman of the governing board of the Nigerian Council of Registered Insurance Brokers (NCRIB), said recent activities across the sector indicate that different arms of the industry are increasingly aligning around a shared objective of deepening insurance penetration in the country.
According to her, the recently concluded Insurance Week by CIIN, the ABSF conference, and upcoming outreach programmes in Abia State all point to a coordinated push by stakeholders, even without formal planning among the various groups involved.
Ezeibe described the sequence of industry activities as evidence of shared purpose among stakeholders even without extensive coordination. “The stars are aligning for the Nigerian insurance industry,” she added.
She further stressed that storytelling, films, and literature are becoming effective tools for driving insurance awareness, particularly among younger audiences who are often disconnected from traditional industry messaging.
Ezeibe also noted that the storytelling approach could help revive reading culture among younger Nigerians while making insurance conversations more engaging and relatable.
“Presenting insurance in a storytelling format makes it more relatable and easier for people to connect with,” she added.
Participants agreed that Africa’s insurance future may depend less on technical expansion of products and more on how effectively the industry reshapes its public image.
They argued that insurance must be repositioned as something familiar and culturally grounded, reflecting Africa’s long history of collective protection and mutual support, while using storytelling as the bridge between policy and people.
