The Chartered Insurance Institute of Nigeria (CIIN) has intensified its efforts to deepen insurance penetration by taking awareness campaigns directly to traders and small business operators in major markets. This initiative comes as the industry pushes to expand coverage within Nigeria's vast informal sector.
During the just-concluded 2026 Insurance Week, insurance professionals engaged traders at Moyosore Market in Oshodi, Lagos, emphasizing the importance of insurance as a financial hedge against unforeseen losses and business disruptions. CIIN Council member Yeside Oyetayo stated that the campaign aims to change public perception about insurance and encourage market women and small-scale entrepreneurs to adopt policies that protect their livelihoods.
Oyetayo highlighted that insurance serves as a critical economic buffer, helping traders recover from fire outbreaks, burglary, accidents, and other unexpected events that could wipe out years of investment. She explained that life insurance products can guarantee uninterrupted education for children and provide long-term financial security for families, while general insurance policies offer protection for shops, vehicles, and homes.
“Insurance is a backup for every business owner. It helps people return to the financial position they were before any unfortunate incident occurred,” she said.
Insurance firms including AXA Mansard Insurance, Noor Takaful Insurance, and Enterprise Life participated in the awareness drive, offering education on products tailored to small businesses and low-income earners. Industry observers noted that this move reflects growing recognition among operators that the future growth of the insurance industry lies largely within the informal sector, which accounts for a significant share of the country's economic activities.
Despite regulatory reforms and increased public awareness, Nigeria's insurance penetration rate remains among the lowest globally due to weak trust, low financial literacy, and poor understanding of insurance products.
