Veritas Kapital Assurance Plc has announced a new strategic direction aimed at making insurance more accessible to millions of Nigerians who have traditionally remained outside the formal financial protection system.
The company’s Managing Director and Chief Executive Officer, Adaobi Nwakuche, said the initiative was designed to address deep-rooted misconceptions, affordability concerns and structural barriers that have prevented many Nigerians from embracing insurance as a necessary financial tool.
According to her, many citizens still view insurance as a product reserved for large corporations and wealthy individuals, a perception the company is seeking to change through affordable and simplified insurance packages.
“Too many Nigerians still believe insurance is beyond their reach or only meant for large organisations,” Nwakuche said.
“We are changing that perception by providing affordable insurance solutions that anyone can access. Whether you are a salary earner, a trader, a young professional or a small business owner, you deserve the peace of mind that comes with financial protection.”
The move comes amid renewed efforts within Nigeria’s financial services sector to deepen insurance penetration and bring more citizens into the formal risk protection system.
Although Nigeria’s insurance industry has recorded significant growth, with gross premium written rising to about N2.3tn, according to figures from the National Insurance Commission, insurance penetration remains below one per cent in a country with a population exceeding 200 million people.
Industry experts have attributed the low penetration rate to several factors, including limited public awareness, affordability concerns and the perception that insurance products are designed mainly for corporate organisations.
For years, much of the sector’s growth has been concentrated around large commercial accounts, particularly in industries such as oil and gas, high-value asset protection and compulsory insurance schemes. As a result, many small businesses, informal traders and individuals have remained exposed to financial losses caused by emergencies such as accidents, fires, business interruptions and unexpected economic challenges.
To bridge this gap, Veritas Kapital Assurance has introduced a range of retail insurance solutions designed for everyday Nigerians, with premium entry points starting from as low as N1,750.
The products have been structured into Silver, Gold and Platinum categories, providing customers with flexible options based on their financial capacity and protection needs.
Nwakuche noted that expanding insurance coverage among small businesses and informal operators is critical to strengthening economic resilience, especially for entrepreneurs who often lack alternative financial support during periods of disruption.
“For small businesses especially, even a temporary interruption can have serious financial consequences,” she said.
“Our Business Interruption Insurance is designed to help business owners stay resilient and recover faster when the unexpected happens.”
The company’s retail expansion also comes at a time when Nigeria’s insurance industry is undergoing major regulatory reforms. The implementation of the Nigerian Insurance Industry Reform Act has introduced higher risk-based capital requirements, creating pressure on operators to strengthen their financial capacity and expand their market reach.
Analysts believe that insurers capable of successfully attracting Nigeria’s large underserved population through retail and digital solutions will be better positioned in the evolving market environment.
In response to the growing demand for convenience, Veritas Kapital Assurance has also strengthened its digital distribution channels, allowing customers to access and purchase retail insurance products through platforms such as WhatsApp.
The company said the digital approach is aimed at reducing traditional administrative hurdles and making insurance acquisition faster and easier for consumers.
Through the initiative, Veritas Kapital Assurance is positioning insurance as a practical financial protection tool for ordinary Nigerians rather than a service limited to businesses and high-income earners.
The strategy supports broader national efforts to improve financial inclusion by encouraging more individuals, traders and small business owners to protect their livelihoods against unforeseen risks.