Joy Agwunobi
With Nigeria firmly in 2026 and households and businesses navigating economic pressure, rising costs, and growing exposure to unforeseen risks, Olamide Olajolo, managing director and chief executive officer of Coronation Insurance Plc, has warned that deferred insurance decisions do not fade with time but accumulate, leaving individuals and enterprises increasingly vulnerable.
Speaking earlier in the year, Olajolo stressed that risks do not diminish with time but rather accumulate when left unaddressed. As the first quarter of the year unfolds, he said many individuals and businesses are already increasing their vulnerability by delaying critical protection decisions.
According to him, the tendency to “wait till later” when it comes to insurance has remained one of the biggest barriers to financial resilience in Nigeria, despite the country’s growing exposure to health, economic, and operational risks.
“Don’t let another year pass without proper protection,” Olajolo said in January while addressing Nigerians considering insurance participation ahead of 2026. “The risks you’re avoiding by delaying insurance don’t disappear; they compound,” he added
He explained that the message remains even more relevant now that the year is already underway, as unexpected events rarely wait for convenient timing. For individuals and businesses that remain uninsured, he noted, every passing month increases potential losses.
Olajolo made these remarks in an interview while responding to questions on how Coronation Insurance’s customer rewards initiative, Insure and Win 2.0, fits into the company’s broader ambition of strengthening financial security across the continent.
Olajolo explained that the initiative, introduced in December, was created to confront deep-seated hesitation around insurance by encouraging Nigerians to see protection as an early planning decision rather than a deferred obligation, especially amid persistently low market penetration.
“This promotion offers something rare – immediate gratification for long-term planning. It allows people to secure their assets, protect their families, and still enjoy the excitement of exceptional rewards. It’s about starting the year with both security and celebration,” Olajolo said.
Beyond individual benefits, the Coronation Insurance CEO linked insurance adoption directly to national economic stability, arguing that a prosperous continent begins with financially secure citizens.
“Every person who purchases comprehensive coverage contributes to national resilience,” he said, while also noting “When families aren’t devastated by unexpected health crises or accidents, they remain productive. When businesses are properly protected, they survive setbacks and continue generating employment.”
He added that the company’s campaign was designed to accelerate this transformation by making insurance not only responsible but also rewarding.
Despite Nigeria’s obvious vulnerabilities, Olajolo noted that insurance penetration has remained stubbornly low, largely because many people believe protection can be addressed later.
“This campaign removes that psychological barrier.It tells people to act now, protect yourself today, and here’s something extra for making that decision. We are transforming hesitation into action,”he explained.
On what differentiates Coronation Insurance’s approach to customer rewards from competitors, Olajolo said the company views incentives as a reflection of partnership rather than a marketing tactic.
“We don’t see rewards as gimmicks,” Olajolo said, adding that “They are tangible expressions of partnership. When you choose Coronation, you’re not just another policy number. You’re a prosperity partner whose smart decisions deserve recognition.”
He added that Insure and Win 2.0 reflects the company’s belief that financial foresight should be acknowledged, not buried in paperwork.
Addressing the timing of the campaign’s launch, Olajolo said the festive season provided a natural moment for reflection, making it an ideal period to encourage Nigerians to rethink their approach to protection.
“The festive period makes people reflect on what truly matters – family, security, and the future. We wanted to meet Nigerians at that point with a compelling message: protect what you value most and potentially enjoy rewards that make your celebration brighter,” he said.
On the strategic importance of encouraging customers to purchase products from both Coronation Insurance and Coronation Life Assurance, Olajolo emphasised that true financial security requires a layered approach.
“Comprehensive protection isn’t one-dimensional,” he said. “Your car needs coverage, but so does your health, your children’s education, and your retirement. True security comes from multiple layers of protection, not isolated policies.”
As the year gathers momentum, Olajolo maintained that delaying insurance decisions only heightens risk exposure, urging Nigerians to see protection not as a future consideration but as an urgent priority.
“Security delayed is security denied,” he said, adding that early action remains the most effective safeguard against uncertainty.
