Stanbic IBTC Insurance Limited proudly co-sponsored the Insurance Industry Conference 2025, organised by Business Day at the Four Points by Sheraton, Victoria Island, Lagos. This year’s theme, “Resilience and Growth in Uncertainty,” served as an essential starting point for discussions, bringing together key players from across the insurance sector to address the challenges and opportunities that lie ahead.

In his opening speech, Frank Aigbogun, the CEO of Business Day Media, highlighted the urgent need for the insurance industry to adapt to the ever-changing landscape of economic uncertainty. While thanking the partners, sponsors, and attendees for their invaluable support and contributions, Aigbogun stressed that collaboration among stakeholders is essential to develop sustainable solutions to the industry’s current challenges. His address focused on critical topics such as climate risk, digital transformation, and the rise of Insurtech, all of which illustrate the significant economic benefits that could arise from expanding insurance coverage in Nigeria.

Dunny Senwayo, the Executive Director, Technical at Stanbic IBTC Insurance, took the stage as a notable panellist. He pointed out that the insurance sector’s contribution to Nigeria’s GDP is less than one per cent, which is unexpectedly low for an industry with so much potential. He emphasised the urgent need for innovative strategies to involve more people in the insurance framework, stating, “The insurance industry has the potential to be a cornerstone for national development. However, we must embrace innovative practices to support economic growth and improve financial inclusion for all demographics.”

During his talk, Dunny addressed the challenges of high inflation and fluctuating interest rates. He articulated the importance of effective enterprise risk management strategies to navigate the complexities of the current economic environment, especially concerning asset and liability management. He remarked, “Developing a clear understanding of risk is vital to ensuring that insurance companies can protect their operations while also effectively serving their clients.”

In addition, the Stanbic IBTC Insurance Executive Director of Technical discussed the role of custodians in managing annuity funds; highlighting the regulatory frameworks that ensure the proper management of these assets. This topic is particularly relevant given the concerns about the mismatch between assets and liabilities, especially when insurers feel pressured to price annuities competitively, which can lead to inefficiencies.

The conference also welcomed insights from key figures, such as Olusegun Omosehin, the Commissioner for Insurance/Chief Executive, National Insurance Commission, Nigeria, who was represented by Ekerete Gam-Ikon, the Deputy Commissioner for Insurance (Finance & Adm). Ekerete delivered a compelling message about the critical role of the insurance industry in Nigeria’s overall economy on behalf of the Commissioner. He urged attendees to reconsider their perceptions of the industry’s importance, reinforcing that insurance is essential for businesses and individuals alike, particularly during times of crisis. He introduced a new mantra for claims management: “Find a reason to pay a claim.” This principle advocates for a more proactive and positive approach to claims settlement to enhance trust and communication between insurers and customers.

Throughout the event, attendees engaged in thoughtful discussions on pressing issues within the insurance sector. Key topics included the need for enhanced regulatory frameworks, innovative technology adoption, and strategies for increasing industry transparency. These discussions underscored the participants’ collective commitment to addressing the sector’s challenges.

Stanbic IBTC Insurance is dedicated to adopting a transformative approach that emphasises customer needs, innovative solutions, and sustainable growth. The company understands that a resilient insurance industry is critical for socio-economic development. It remains committed to collaborating with other stakeholders to foster a robust insurance environment in Nigeria, acknowledging that such cooperation is key to overcoming the challenges that lie ahead.

This event, in addition to showcasing Stanbic IBTC and other industry players’ commitment to driving change, also highlighted the importance of working together to build a more resilient and inclusive insurance industry for the benefit of all Nigerians.

For more information about Stanbic IBTC Insurance Limited, visit www.stanbicibtcinsurance.com or email us at insure@stanbicibtc.com .

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