Expert Highlights Crucial Role of Brokers in Insurance Business Chain

Ebere Nwoji

The Chief Executive Officer, Enterprise Life Insurance Brokers, Nelson Akerele, has said that brokers play pivotal role in insurance business chain even as he called for collaboration between insurance players in the country.

Speaking at the Abuja Area Committee Professional Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB), Akerele commended NCRIB’s effort in offering platforms that elevate the insurance brokerage profession and encourage collaboration among industry players.

“As brokers, we play a crucial role in deepening insurance penetration in Nigeria. Sessions like this empower us to share knowledge, build stronger connections, and collectively strengthen the profession,” he said.

He said Enterprise Life was committed to contributing meaningfully to such progress through ethical practice, client-centric advisory, and innovative partnerships.

He said the brokers’ session, recognised as one of the industry’s most strategic networking forums, offered an evening of insights, professional exchange, and renewed commitment to advancing Nigeria’s insurance ecosystem.

According to him, the Abuja meeting followed a similar edition held in Port Harcourt in November 2025, reflecting NCRIB’s strengthened regional engagement drive.

He said the Nigeria’s insurance industry continued to experience notable growth, yet the market remains largely underpenetrated.

NCRIB at the forum noted that about 70 percent of Nigerians still do not have any form of insurance cover, noting that this is despite increased awareness and regulatory reforms.

“Insurance penetration in the country hovers around 4 percent underscoring significant untapped potential”, the brokers noted.

The brokers however noted that the industry had recorded remarkable performance as total Gross Written Premium (GWP) rose to N1.562 trillion in 2024, a 56 per cent increase from the previous year. The sector’s total assets expanded to N3.9 trillion, marking a 46.1 year-on-year growth.