Insurance sector urged to focus on skills and technology, not just recapitalisation
Edwin Igbiti and other industry leaders say Nigeria’s insurance recapitalisation must be paired with investments in skills, technology, and market expansion. They argue that recapitalisation alone is not enough for sustainable growth. Tope Daramola and Bola Odukale also stress the importance of professionalism and ethics as the industry consolidates and reforms. Experts agree that a broader transformation is needed to deliver real value to the economy and public.
TLDR
- Edwin Igbiti says insurance professionals must upgrade skills and modernise operations to meet rising client expectations and expand coverage.
- Tope Daramola highlights that consolidation in the industry presents both challenges and opportunities, especially for brokers.
- Professionalism, ethics, and strong knowledge bases are seen as crucial for brokers and underwriters to maximise the benefits of reforms.
- Bola Odukale emphasises the importance of compulsory insurance and capacity-building for underwriters to support economic growth and public protection.
- Industry experts agree that recapitalisation should be complemented by technology adoption, skills development, and deliberate market expansion.
