In a candid and thought-provoking conversation on NTA’s Business Express, Director General of the Nigerian Insurers Association (NIA), Mrs. Bola Odukale, brought clarity to the often misunderstood world of insurance, firmly positioning it as a cornerstone of financial stability in a rapidly changing society. Her appearance, set against a calm Lagos morning brighter than the previous day’s turbulence in Victoria Island, offered a perfect metaphor for the reassurance that insurance provides in the face of uncertainty.
“We’re talking about stability,” Odukale began, setting the tone. “Financial stability promotes progress and empowerment—whether for individuals, corporations, or nations. And insurance is a key instrument in achieving that.”
She underscored that insurance is not merely about policies but about risk management, business continuity, peace of mind, and reduced financial stress. She illustrated this with a poignant example: the untimely death of a family breadwinner. With proper life and education insurance in place, the burden of school fees or daily living doesn’t fall squarely on a grieving family’s shoulders. “Insurance steps in,” she said, “bringing a level of stability and support when it’s needed most.”
Odukale didn’t shy away from addressing the cultural and spiritual reservations that many Nigerians hold towards insurance. “Yes, we are deeply spiritual people,” she acknowledged, “but while we believe God protects and guides, we must also take steps to protect our futures and our families. Life continues after loss, and insurance ensures that continuity.”
The NIA’s strategy to bridge the perception gap, she emphasized, lies in continuous awareness and education. The lack of understanding, not lack of value, she noted, is the main barrier to broader insurance adoption. She outlined how policies exist for every facet of life—from motor vehicles to homes, businesses to public liability, and even goods in transit.
When asked what policies the average Nigerian—civil servant or entrepreneur—should consider, NIA DG advised a “life-stage approach.” Individuals should first examine their circumstances: Are you a parent? Do you own a business? Do you drive? Depending on your answer, products like life insurance, education insurance, business interruption cover, or third-party auto insurance could be essential.
Her key recommendation?
“Every Nigerian should, at minimum, have a life insurance policy,” she stated emphatically, stressing the importance of preparedness in the face of life’s unpredictability.
Looking beyond just buying a policy, Odukale championed integrating insurance into a broader financial plan. “Begin with risk identification,” she said. “What could go wrong in your life or business? Then assess the potential impact of that risk. Once you understand the risk, think of mitigation—and that’s where insurance comes in.”
By aligning insurance with savings, investment, and emergency funds, Nigerians can build a truly resilient financial framework. “It’s about creating a safety net so that whatever comes your way, you’re not thrown off course,” she concluded.
Mrs. Odukale’s appearance on Business Express was more than a media slot—it was a wake-up call to individuals, families, and organizations to stop treating insurance as an afterthought and start seeing it as a proactive tool for stability and resilience in an unpredictable world.
NIA DG message was simple but powerful:
Insurance isn’t just a policy. It’s peace of mind. It’s continuity. It’s security. And it’s time every Nigerian embraced it.
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