Insurance penetration in Nigeria remains below one per cent of the country’s Gross Domestic Product (GDP), despite the nation’s population of more than 220 million.
The Chief Executive Officer of AXA Mansard Insurance, Kunle Ahmed, disclosed this at the launch of the company’s ‘Culture of Care’ campaign, saying the challenge confronting the industry went beyond lack of awareness.
Ahmed said there was a need to change how Nigerians perceive insurance and make them understand it as more than an expense.
He said Nigerians should see insurance as a practical expression of care for families, businesses and communities.
‘Protection does not begin with an insurance policy. Protection begins with people,’ he said.
According to him, parents who purchase health insurance for their children, businesses that protect their employees and families that prepare against uncertainty are all demonstrating care.
Ahmed said the insurance industry was entering an important phase following the passage of the Nigerian Insurance Industry Reform Act (NIRRA) 2025, the recapitalisation of insurance companies and other reforms in the sector.
He said the recapitalisation exercise should go beyond increasing the capital base of insurance companies to building stronger institutions capable of underwriting larger risks, settling claims faster, investing in innovation and supporting economic activities.
Ahmed said a stronger insurance sector could help de-risk activities in agriculture, manufacturing, infrastructure and digital services, while supporting investment and long-term savings.
He said the industry needed to connect insurance with values that Nigerians already understood and practised in their daily lives.
‘The challenge is therefore not simply awareness. The challenge is helping Nigerians see insurance not as an expense, but as a practical expression of care,’ he said.
The Chief Marketing Officer of AXA Mansard, Adebola Surakat, said the ‘Culture of Care’ campaign was built around the question: ‘Who takes care of the caregiver?’
Surakat said care had traditionally been central to Nigerian society, with families, neighbours and communities supporting one another during difficult periods.
She identified parents, teachers, neighbours, friends and other caregivers as people whose daily sacrifices help sustain families and communities.
She said the campaign sought to move beyond the conventional understanding of insurance by presenting protection in a more human form and encouraging Nigerians to value and protect those who care for others.
The Chief Executive Officer of AXA Mansard Health, Tope Adeniyi, said healthcare was central to the culture of care, noting that illness could expose families to significant financial pressure when they lacked adequate protection.
Adeniyi said the company was promoting preventive and curative healthcare while also seeking to ensure that caregivers received support.
He said AXA Mansard’s healthcare initiatives, including AXA One Health, were part of efforts to provide end-to-end care and make healthcare more accessible.
According to him, a healthy population was essential to building productive communities and a prosperous economy.
Adeniyi said healthcare should be regarded not only as a social good but also as an economic imperative because poor access to healthcare could leave families financially vulnerable and reduce productivity.
Also speaking, the Chief Executive Officer of AXA Mansard Investments, Tunde-Anjo, said financial security was an important component of protection.
He said saving and investing for the future should be seen as an act of care, particularly for Nigerians who make financial sacrifices to provide education, healthcare, shelter and other necessities for their families.
Tunde-Anjo said financial planning could help families build resilience against unexpected challenges and create opportunities for future generations.
He said AXA Mansard Investments would continue to promote savings, investment, financial education and digital access to financial services as part of efforts to improve financial wellbeing.