CIIN leadership focus on ethics aims to boost Nigeria insurance uptake
The outgoing president of Nigeria's Chartered Insurance Institute of Nigeria leaves a two-year tenure marked by public awareness campaigns that stakeholders say are essential to expanding the country's under-penetrated insurance market.
Yetunde Ilori has concluded her two-year tenure as president of the Chartered Insurance Institute of Nigeria (CIIN), with industry stakeholders arguing her focus on ethics and public education provides a blueprint for expanding market penetration. Industry leaders at her valedictory ceremony in Lagos noted that long-term sector growth now depends heavily on building competent professionals and deepening public understanding of insurance.
In emerging markets like Nigeria, low public trust and poor understanding of risk products historically suppress premium volumes. While financial strength remains important for insurers, stakeholders warned it is insufficient to drive sustainable adoption without a parallel investment in consumer education.
A central pillar of this strategy was the expansion of Insurance Week. Eniola Ajayi, an ambassador who chaired the ceremony, highlighted how the initiative evolved from a standard industry gathering into a national awareness campaign. “Insurance confidence is built when people understand the value of protection. Through Insurance Week, she transformed a routine industry event into a national platform for public enlightenment, advocacy and engagement,” Ajayi said.
Ajayi tied this consumer outreach directly to stricter internal professional standards. “Competence without character is incomplete. By reinforcing ethics, integrity and accountability, Ilori strengthened public confidence in both the institute and the insurance profession,” she said. This dual approach of public education and ethical policing is designed to reduce the consumer skepticism that limits policy uptake.
For market participants tracking the sector's development, the sustainability of these institutional changes matters more than individual programmes. Abiodun Fijabi, chief executive of Lord Princely Associates, warned that experience and networks cannot sustain institutions during difficult periods without strong convictions. “Experience, intelligence, relationships and networks are valuable, but they are not enough. Sometimes they fail and falter. When they do, we must draw strength from our deepest convictions,” he said.
Reflecting on Ilori’s tenure, Fijabi said her greatest contribution lies in shaping the character of the workforce. “Ilori’s greatest legacy may not simply be the programmes she introduced, but the kind of professionals she challenged the industry to become,” Fijabi said.
The overarching message for investors and executives is that Nigeria’s insurers cannot rely on capital alone to capture market share. Sustained premium growth will require the sector to maintain the public trust frameworks established over the past two years. “If there is one thing that must continue in the insurance industry, it is the spirit behind Insurance Week. Regardless of who assumes leadership, we must sustain what has been built,” Ajayi said.
