Stanbic IBTC Insurance Limited proudly co-sponsored the Insurance Industry Conference 2025, organised by Business Day in Lagos, recently.

 

Tagged: “Resilience and Growth in Uncertainty,” the conference  served as an essential starting point for discussions, bringing together key players from across the insurance sector to address the challenges and opportunities that lie ahead.

In his opening speech, the CEO of Business Day Media, Frank Aigbogun, highlighted the urgent need for the insurance industry to adapt to the ever-changing landscape of economic uncertainty.

 

While thanking the partners, sponsors, and attendees for their invaluable support and contributions, Aigbogun stressed that collaboration among stakeholders is essential to develop sustainable solutions to the industry’s current challenges. His address focused on critical topics such as climate risk, digital transformation, and the rise of Insurtech, all of which illustrate the significant economic benefits that could arise from expanding insurance coverage in Nigeria.

 

The Executive Director, Technical at Stanbic IBTC Insurance, Dunny Senwayo stated that the insurance sector’s contribution to Nigeria’s GDP is less than one per cent, which is unexpectedly low for an industry with so much potential.

 

He emphasised the urgent need for innovative strategies to involve more people in the insurance framework, stating, “The insurance industry has the potential to be a cornerstone for national development. However, we must embrace innovative practices to support economic growth and improve financial inclusion for all demographics.”

Dunny addressed the challenges of high inflation and fluctuating interest rates, while articulating the importance of effective enterprise risk management strategies to navigate the complexities of the current economic environment, especially concerning asset and liability management.