Insurance Key To Economic Stability, Otti Tells NCRIB

The Abia State Governor, Dr. Alex Otti, has commended the Nigerian Council of Registered Insurance Brokers (NCRIB) for its efforts to deepen insurance awareness and expand insurance coverage across the country, describing the initiative as vital to economic stability and business sustainability.

The Governor gave the commendation on Monday while receiving a delegation of the NCRIB led by its President, Mrs. Ekeoma Ezeibe, at his country home in Nvosi, Isiala Ngwa South Local Government Area.

Speaking during the meeting, Otti noted that insurance remains a critical tool for protecting individuals, businesses and investments from unforeseen risks, stressing that greater public confidence in the industry would encourage wider participation and strengthen economic resilience.

“Insurance plays a crucial role in safeguarding lives, businesses and investments against unexpected losses.

“The more confidence people have in the system, the more willing they will be to embrace insurance as a necessary financial protection mechanism,” the Governor said.

Otti emphasized the need for regulators and industry operators to maintain regular engagement with stakeholders and the public in order to build trust and ensure efficient service delivery.

“Regulatory institutions must continue to engage with the people and industry players. Trust is fundamental in the insurance sector, and sustained interaction is key to improving confidence and participation,” he noted.

The Governor welcomed the planned launch of the Insurance Penetration Initiative in Abia, describing it as a timely intervention that would benefit traders, entrepreneurs, manufacturers and other business owners across the state.

“For a state like Abia, with its large concentration of traders, manufacturers and small business owners, this initiative is particularly important. Insurance gives businesses the assurance that they can recover and continue operations when challenges arise,” Otti stated.

He reiterated his administration’s commitment to working with stakeholders in the insurance industry and pledged continued support for programmes aimed at promoting financial security, economic sustainability and inclusive growth.

“We are open to partnerships that will strengthen economic confidence, promote financial inclusion and create a more secure environment for businesses and residents.

“Our administration will continue to support initiatives that contribute to sustainable development,” he added.

Earlier, the President of the NCRIB, Mrs. Ekeoma Ezeibe, said the council was in Abia for its 2026 Chief Executive Officers Retreat and the formal launch of the Insurance Penetration Initiative.

She disclosed that Abia was deliberately chosen as the pilot state for the programme because of Governor Otti’s development-oriented leadership and his appreciation of economic and financial reforms.

“Abia was not selected by chance. We chose the state because of the Governor’s remarkable commitment to development and his clear understanding of policies that drive economic growth and financial inclusion,” Ezeibe said.

The NCRIB President also praised the achievements of the Otti administration in infrastructure renewal, security enhancement, power sector reforms and economic revitalisation, particularly in Aba.

“The transformation taking place in Abia is visible. From infrastructure to security and economic development, the state is setting an example of what focused leadership can achieve,” she remarked.

Also speaking, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo, described Abia as a strategic hub in Nigeria’s industrial and economic landscape.

He underscored the importance of insurance in ensuring business continuity, promoting financial inclusion and protecting consumers against risks.

“Insurance remains one of the most effective instruments for protecting businesses, supporting economic growth and strengthening consumer confidence. A resilient economy requires a strong insurance culture,” Omosehin said.

The NAICOM boss also highlighted the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, noting that the legislation had significantly strengthened consumer protection measures within the sector.

“The Act introduced stronger safeguards for policyholders and established the Insurance Policyholders Protection Fund, which is designed to protect the interests of consumers and further enhance confidence in the industry,” he explained.

Omosehin assured the Abia State Government of NAICOM’s support in advancing insurance awareness and adoption across the state.

The visit formed part of activities leading to the NCRIB’s 2026 Chief Executive Officers Retreat and the rollout of the Insurance Penetration Initiative, which is aimed at increasing insurance awareness and adoption among individuals, businesses and communities across Nigeria.