Nigerian insurance industry in need of more agents

The National Insurance Commission (NAICOM) has stated that the Nigerian market requires more agents in order to improve the country's insurance penetration rate. At less than 1% in 2022, this rate is considered one of the lowest in Africa.

To this end, the regulator has been working closely with the Association of Registered Insurance Agents of Nigeria (ARIAN) in a bid to raise the number of licensed agents from the current 50 000 to 300 000.

Insurance agents play a vital role in the development of the insurance value chain, and act as catalysts for the sector's growth.