NIA pushes for greater insurance awareness in Nigeria

Joy Agwunobi

Amid persistent misconceptions surrounding insurance in Nigeria, industry stakeholders have stressed the need for sustained public awareness to address these negative perceptions and foster greater understanding of the sector’s significance.

This position was emphasised during a recent courtesy visit by the executive members of the Nigerian Association of Insurance and Pension Editors (NAIPE) to the Lagos headquarters of the Nigerian Insurers Association (NIA). Speaking at the event, Bola Odukale, NIA Director General, underscored the importance of continuous engagement with the public to dispel lingering doubts about insurance services.

“Insurance practitioners must consistently remain visible and accessible to the public through strategic collaboration with the media. Image-making is an integral part of our industry, especially as many people still claim to have little or no understanding of insurance. We often hear, ‘We don’t know much about insurance,’ and this recurring feedback highlights the need for ongoing public engagement,” Odukale stated.

She drew a parallel with the banking industry, noting that while the public generally understands banking services, insurance remains shrouded in mystery for many. “Nobody says they don’t know what banks do, but ignorance about insurance persists. This indicates that we must continuously place ourselves in the public eye and demystify insurance services. The media plays a crucial role here, serving as the industry’s image-maker.”

Odukale further stressed the industry’s commitment to media partnerships. “As a sector, we cannot overlook the media’s influence. You are vital to our efforts in repositioning the industry’s image, and we are ready to collaborate closely with you to achieve this goal,” she said.

Addressing the ongoing third-party motor insurance awareness campaign, she assured that the initiative would not be a one-off event but a long-term effort. “This campaign is more than just about third-party insurance; it is about raising awareness of insurance in general. We plan to sustain this momentum beyond February, ensuring more Nigerians understand the importance and benefits of insurance coverage,” she explained.

Odukale also urged insurance journalists to practice responsible reporting that supports the industry’s growth. According to her, “while balanced reporting is essential, we must also consider the broader impact of our narratives. How does a story influence a reader’s perception of insurance? Does it enlighten or reinforce negative stereotypes? We must protect and project the industry positively.”

In response,  Nkechi Naeche-Esezobor, NAIPE Chairperson, called for more proactive communication from insurance operators. She suggested regular media briefings to keep journalists informed of industry developments. “Quarterly updates would enhance the media’s ability to disseminate accurate and timely information about insurance,” Naeche-Esezobor proposed. “Additionally, encouraging journalists to publish more insurance-related articles across various platforms will help sustain public awareness.”

The meeting concluded with a shared commitment to bridge the knowledge gap and foster trust in Nigeria’s insurance sector through sustained awareness and collaborative efforts between industry players and the media.