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Insurance penetration in Nigeria remains below one per cent of Gross Domestic Product (GDP), highlighting the scale of the protection gap in a country with a 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, arguing that the challenge facing the insurance industry extends beyond public awareness.
Ahmed said the sector needs to reshape how Nigerians perceive insurance and help consumers understand it as more than an additional financial expense.
According to him, insurance should be viewed as a practical expression of care for individuals, families, businesses and communities.
“Protection does not begin with an insurance policy. Protection begins with people,” he said.
Insurance must be seen as a form of protection
Ahmed said everyday decisions such as parents purchasing health insurance for their children, businesses protecting employees and families preparing financially for unexpected events all represent different forms of care.
He said the insurance industry is entering an important phase following the passage of the Nigerian Insurance Industry Reform Act (NIRRA) 2025, the recapitalisation of insurance companies and other ongoing reforms.
According to Ahmed, the recapitalisation exercise should not be limited to increasing the capital base of insurers. It should also result in stronger institutions capable of underwriting larger risks, settling claims more efficiently, investing in innovation and supporting broader economic activity.
A stronger insurance sector, he said, could help de-risk key areas of the economy, including agriculture, manufacturing, infrastructure and digital services, while supporting investment and long-term savings.
Ahmed added that the industry needs to connect insurance with values that Nigerians already understand and practise 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.
AXA Mansard campaign focuses on caregivers
The Chief Marketing Officer of AXA Mansard, Adebola Surakat, said the “Culture of Care” campaign was built around a central question: “Who takes care of the caregiver?”
Surakat said care has traditionally played an important role in Nigerian society, with families, neighbours and communities supporting one another during difficult periods.
She identified parents, teachers, neighbours, friends and other caregivers as individuals whose daily sacrifices help sustain families and communities.
According to her, the campaign seeks to broaden the conventional understanding of insurance by presenting protection through a more human lens and encouraging Nigerians to recognise and protect those who care for others.
The approach positions insurance within everyday experiences of responsibility and support rather than limiting it to policies, premiums and claims.
Healthcare remains central to financial protection
The Chief Executive Officer of AXA Mansard Health, Tope Adeniyi, said healthcare was a key component of the broader culture of care, noting that illness can expose families to significant financial pressure when adequate protection is unavailable.
Adeniyi said the company is promoting both preventive and curative healthcare while working to ensure that caregivers also have access to appropriate support.
He cited initiatives including AXA One Health as part of efforts to provide end-to-end healthcare services and improve access to care.
According to him, maintaining a healthy population is essential to building productive communities and supporting economic prosperity.
Adeniyi said healthcare should therefore be viewed not only as a social good but also as an economic imperative, as limited access to healthcare can increase household financial vulnerability and reduce productivity.
Financial planning strengthens household resilience
Also speaking at the campaign launch, the Chief Executive Officer of AXA Mansard Investments, Tunde-Anjo, identified financial security as another important component 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.
According to Tunde-Anjo, effective financial planning can help households build resilience against unexpected challenges while creating 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 strengthen financial wellbeing.
For Nigeria’s insurance industry, the continued challenge of low penetration underscores the need to combine sector reforms and stronger institutional capacity with products and services that connect more directly with the financial realities and protection needs of households and businesses.
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