Despite Nigeria’s population of more than 220 million people, insurance penetration in the country remains below one per cent of Gross Domestic Product, reflecting persistent challenges in getting more Nigerians to embrace insurance as part of their financial planning.
The Chief Executive Officer of AXA Mansard Insurance, Kunle Ahmed, disclosed this at the launch of the company’s “Culture of Care” campaign, where he argued that the industry’s challenge went beyond simply creating awareness about insurance.
Ahmed said there was a need to change the way Nigerians perceive insurance by helping them understand that it was not merely another expense, but a practical means of protecting themselves, their families, businesses and communities.
“Protection does not begin with an insurance policy. Protection begins with people,” he said.
According to him, everyday decisions such as parents taking health insurance for their children, businesses protecting their employees and families preparing financially for unforeseen circumstances all represent different expressions of care.
Ahmed said the industry was entering a significant phase following the passage of the Nigerian Insurance Industry Reform Act (NIRRA) 2025, the recapitalisation of insurance companies and other reforms aimed at strengthening the sector.
He noted that recapitalisation should not be viewed simply as an exercise to increase the capital base of insurance companies, but as an opportunity to build stronger institutions capable of underwriting larger risks, settling claims more efficiently, investing in innovation and supporting economic activity.
A stronger insurance industry, he said, could play a broader role in the Nigerian economy by helping to de-risk investments and activities in critical sectors such as agriculture, manufacturing, infrastructure and digital services.
Ahmed also linked the development of the insurance sector to investment and long-term savings, arguing that a more robust industry could contribute to greater economic resilience.
He maintained that the industry needed to connect insurance with values Nigerians already understood and practised in their daily lives, particularly the culture of caring for family members and supporting others during difficult periods.
“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.
Campaign Focuses on Caregivers
The Chief Marketing Officer of AXA Mansard, Adebola Surakat, said the “Culture of Care” campaign was built around a simple but important question: “Who takes care of the caregiver?”
Surakat said care had long been embedded in Nigerian society, with families, neighbours and communities routinely stepping in to support one another during periods of difficulty.
She identified parents, teachers, neighbours, friends and other caregivers as individuals whose often-unrecognised sacrifices help sustain families and communities.
According to her, the campaign was designed to broaden the conventional conversation around insurance by presenting protection from a more human perspective.
She said it also sought to encourage Nigerians to recognise the people who care for others and consider how those caregivers themselves could be protected and supported.
Healthcare at the Centre of Care
The Chief Executive Officer of AXA Mansard Health, Tope Adeniyi, said healthcare remained a critical part of the culture of care, particularly because illness could place substantial financial pressure on families without adequate health coverage.
Adeniyi said the company was promoting both preventive and curative healthcare while also focusing on the needs of caregivers.
He cited the company’s healthcare initiatives, including AXA One Health, as part of its efforts to provide end-to-end care and improve access to healthcare services.
According to him, a healthy population was essential to creating productive communities and building a prosperous economy.
Adeniyi said healthcare should therefore be viewed not only as a social good but also as an economic imperative, noting that inadequate access to healthcare could expose families to financial hardship while also affecting productivity.
Financial Security as an Act of Care
Also speaking, the Chief Executive Officer of AXA Mansard Investments, Tunde-Anjo, said financial security was another important dimension of protection.
He said saving and investing for the future should be regarded 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 proper financial planning could help households build resilience against unexpected financial shocks while creating opportunities for future generations.
He added that AXA Mansard Investments would continue to promote savings, investment, financial education and digital access to financial services as part of its efforts to improve financial wellbeing.
The discussions at the campaign launch underscored the broader role insurance can play beyond the payment of claims, particularly in helping households and businesses manage risks and plan for uncertainty.
For an industry still grappling with low penetration, the “Culture of Care” campaign seeks to recast insurance around a concept already familiar to Nigerians: protecting the people and things that matter most.