By Taiye Olayemi
The Nigerian Insurers Association (NIA) has urged industry stakeholders and regulators to work together to unlock the AfCFTA’s economic potential for insurance growth in Africa.
NIA Chairman Mr Kunle Ahmed made this appeal during the industry’s quarterly media briefing held in Lagos on Tuesday.
He stressed that collaboration would enable insurers to seize emerging opportunities and drive sustainable growth across the continent.
Ahmed highlighted the importance of harmonising insurance regulations among African countries to reduce operational challenges and boost cross-border service delivery. He said Nigerian underwriters were ready to expand into other African nations to harness AfCFTA benefits.
He added, “Greater cooperation with regulators is essential. A unified legal framework will guide operations across multiple territories.” He called on regulators and stakeholders to act in unity to unlock the full benefits of the AfCFTA.
Ahmed also advised insurers, brokers, and loss adjusters to study local regulations in various countries for better engagement within AfCFTA.
He said the Nigerian insurance industry sees great promise in the AfCFTA and is already preparing to explore its potential fully.
He added, “These preparations are vital for positioning Nigeria as a regional insurance leader under the AfCFTA framework.”
He noted that NAICOM is actively negotiating with African regulators to support cross-border insurance operations.
Ahmed recalled that NAICOM established the NII-AfCFTA Committee in May 2022 to coordinate the industry’s strategic approach to the trade pact.
The committee works closely with the National Action Committee on AfCFTA and other stakeholders to maximise available benefits.
He said the committee has held several awareness workshops for insurers, brokers, and adjusters on AfCFTA’s opportunities and challenges.
A core part of the initiative involves designing insurance products tailored to businesses operating across multiple African markets. These products include cover for trade, investments, and multinational operations across the continent.
The industry also aims to benefit from the AfCFTA’s trade in services protocol, encouraging regional financial integration.
Ahmed said Nigerian insurers are exploring options to set up operations in other African countries to access fresh markets directly.
He noted that NAICOM had urged operators to improve service quality, professionalism, and value to stay competitive continent-wide.
He added that the proposed capital increase under the Insurance Reform Bill would make Nigerian firms among Africa’s best-capitalised.
This capital boost, he said, would support expanded risk-taking and growth across African markets.
Ahmed stressed the need for capacity building in key areas like underwriting, claims handling, and risk management.
He said upskilling would help insurers serve a broader, more integrated African customer base effectively.
He said that digital technology and cybersecurity would be vital for cross-border operations and improved customer service.
