Insurance Is A Strategic Enabler of National Development Not Merely A Financial Product – emPLE CEO

Mr. Rantimi Ogunleye, CEO of emPLE Life Assurance Limited, has stated that as Nigeria charts it’s course towards becoming a $1 trillion economy by 2030, that insurance industry must transition from a peripheral role to a central driver of economic resilience and investment confidence.

Ogunleye, who was represented by Mr. Jolaolu Fakoya at the Finance and Business Online Publishers (FiBOP) 2025 National Conference held in Lagos, called for a sector-wide mindset shift, urging policymakers, investors, and industry leaders to treat insurance not merely as a financial product, but as a strategic enabler of national development.

“Insurance is more than numbers; it’s the confidence to build, invest, and grow. If we get it right, we won’t just contribute to GDP—we will help safeguard it,” Ogunleye asserted.

Despite its current GDP contribution of just over $1 billion—translating to less than 1% penetration, insurance, he argued, underpins critical sectors such as agriculture, oil and gas, real estate, logistics, and construction.

While  illustrating, Ogunleye pointed to Dangote’s $20 billion refinery, highlighting that such capital-intensive ventures are only possible with robust insurance coverage providing the risk buffer necessary for investment.

The conference, brought together finance, policy, and tech leaders for high-level discussions on sustainable economic growth. For emPLE Life Assurance, the message was clear: insurance must be recognized as a cornerstone of economic continuity and stability.

In his presentation titled “The Strategic Place of Insurance in the Achievement of One Trillion Dollar Economy for Nigeria: Claims  Payments and Customers Feedback,” said “From farmers to fintech founders, from construction firms to cargo carriers, insurance allows stakeholders to operate with reduced exposure to risk,” .  “It creates the resilience that keeps the economic engine running.”

Ogunleye identified persistent structural barriers stalling the industry’s growth—including low consumer trust, poor awareness, and deep-rooted cultural skepticism, especially surrounding claims payments. He emphasized the need for transparent communication, simplified policy language, and consistent, high-integrity claims settlement practices.

“Claims payment is the strongest form of public relations in insurance. It builds trust better than any ad campaign ever could,” he stated.

A major highlight of Ogunleye’s presentation was the recent passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025—a legislative milestone mandating compulsory insurance across key sectors, including public buildings, infrastructure projects, trade, and professional services.

Calling the Act a “landmark step,” he noted that it institutionalizes risk management as a prerequisite for economic activities and introduces enforcement mechanisms to ensure compliance.

“This reform aligns the insurance sector more directly with Nigeria’s development priorities,” he noted. “It’s a signal that risk management is now a national imperative.”

Ogunleye warned that legal mandates alone are insufficient, noting that reaching the informal sector where most Nigerians live and work requires innovative, low-cost, and accessible products tailored to daily realities.

“It’s hard to sell a policy to someone who’s worried about their next meal,” he observed. “Affordability and access must be front and center.”

He urged a multi-stakeholder coalition involving regulators, insurers, fintechs, and community leaders to drive penetration beyond urban centers and salaried workers.

He called for bold thinking, digital inclusion, and behavioral research to design insurance solutions that reflect the socio-economic dynamics of Nigeria’s diverse population.

“The future of Nigeria’s economy won’t just be built with steel and cement, but with trust, protection, and resilience. Insurance must be a pillar—not an afterthought—of our $1 trillion ambition.”

As Nigeria pushes toward its $1 trillion economic target, the message is clear: Without insurance, there is no resilience. Without resilience, there is no sustainable growth.