Insurance stakeholders tasked to embrace innovation, partnership to grow energy sector

The Chairperson of the Chartered Institute of Directors (CIoD) Nigeria, Abuja Chapter, Mrs. Rose N. Eshiett, has called on stakeholders in the Nigerian insurance industry to strengthen corporate governance, embrace innovation, and forge strategic partnerships to unlock the vast opportunities emerging from the country’s energy sector.

Eshiett made the call while delivering the keynote address at the investiture ceremony of the newly elected Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu B. Nwachukwu.

Speaking on the theme, “Moving Insurance from Potential to Performance: Leveraging Governance, Innovation and Strategic Partnerships to Unlock Opportunities in Nigeria’s Energy Economy,” she urged operators in the sector to shift from merely recognising the industry’s enormous potential to delivering measurable results that support Nigeria’s economic growth.

“For many years, we have spoken about the enormous potential of the Nigerian insurance industry. But potential alone does not create value. Potential does not build trust. Potential does not guarantee growth. Performance does,” she said.

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According to Eshiett, sound corporate governance remains the foundation for sustainable growth in the insurance industry, stressing that ethical leadership, transparency, accountability, effective risk oversight, and public trust are critical to the sector’s long-term success.

She identified Nigeria’s expanding energy sector as one of the most promising frontiers for insurance business, citing growing investments in oil and gas, gas infrastructure, refining, petrochemicals, and renewable energy projects as areas requiring sophisticated insurance products and risk management solutions.

The CIoD Abuja Chair also urged insurance firms to invest more in underwriting expertise, actuarial science, risk engineering, cybersecurity, data analytics, and human capital development, describing investment in people as a key driver of institutional excellence.

Highlighting the impact of technological advancement on the global insurance industry, she noted that artificial intelligence, predictive analytics, big data, digital platforms, and cybersecurity are reshaping the future of insurance.

“The winners of tomorrow will not necessarily be the biggest institutions. They will be the most agile, the most innovative, and the most trusted,” Eshiett stated.

She further advocated stronger collaboration among insurers, regulators, oil and gas operators, brokers, financiers, reinsurers, and professional bodies to enhance innovation, deepen local capacity, retain more insurance premiums within Nigeria, and strengthen public confidence in the industry.

Congratulating the newly inaugurated NIA Chairman and members of the Governing Council, Eshiett expressed confidence in their ability to reposition the insurance industry for greater competitiveness and sustainable growth.

She challenged industry stakeholders to translate ambition into concrete action and play a more active role in supporting Nigeria’s economic transformation through improved governance, innovation, and strategic partnerships.