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Growing Nigerian Insurance Industry Through Robust Data

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Insurance industry in the country has lots of prospects and opportunities that if harnessed, could make Nigeria lead Africa in insurance adoption,

Nigeria as a country is battling dearth of data in all sphere of its endeavour. In situations where there are data, it is either too old or were not processed at all.

For instance, the current data for the entire industry now is 2020 financial reports in 2022 when indeed, the sector globally have moved several years forward from happenings in 2020 and now, especially, with the disruption that comes with the pandemic. Similarly, the latest industry report on the insurance industry regulator’s website, hat is the National Insurance Commission was 2019 reports of the industry.

Bayo, a former managing director of UBA Pension, said, this assisted a lot pension fund operators to make critical operational and investment decisions that has kept on growing the pension fund assets to N13 trillion from a deficit of N3 trillion it started with in 2004.

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