*Insurance Sector Has Biggest Untapped Opportunities In Nigeria’s Economy, Says Akinwunmi*

Investment expert and Chief Economist, United Capital Plc, Mr Ayodele Akinwunmi, has said that Nigerian Insurance sector has one of the biggest untapped opportunities among other sectors of the economy.

Akinwunmi, who stated this while presenting a key note address on Post – Recapitalisation and Market Dynamics in Insurance and Pension Sectors at the Annual National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), noted that, the winning insurers in Nigeria’s next decade would be those who deploy capital into underwriting excellence, inclusive products, digital infrastructure and productive long-term investment, not those who simply hold the largest balance.

He noted that, at 0.4 percent to 0.5 percent of GDP, Nigeria’s insurance penetration was one of the lowest in the world and that made it one of the biggest untapped opportunities.

He said, a post -recapitalisation transmission mechanism in Nigeria’s insurance industry would witness stronger insurers, deeper markets and a more resilient Nigeria.

According to Akinwunmi, with recapitalisation, there will be stronger capital and risk- based solvency which would give rise to higher minimum capital and stronger balance sheets, compliance with risk- based capital requirements as well as greater resilience to shocks.

He also said, with the new capital,Nigerian underwriters would have the ability to underwrite larger and more complex risks, retain greater portion of domestic risks, they would reduce reliance on foreign reinsurers as well as provide support for key sectors such as energy, infrastructure, SMEs, retail and agriculture.

He further noted that, with the new capital, the industry would witness the use of digital platforms and wider distributors, data driven pricing and underwriting , introduction of innovative products for micro, retail , parametric , Takaful and other specialised Products .

He further said, in the face of the new capital, the operators’ services would be automated and straight- through claims processing as well as improved customer experience and operational efficiency.

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Arise Television Morning Show anchor, Rufai Oseni, has expressed sympathy for President Bola Tinubu over his performance at the All Progressives Congress, APC, campaign rally in Kaduna State.

Oseni described Tinubu’s speech at the rally as one of the worst campaign speeches he had ever heard, arguing that the president’s aides failed to prepare him adequately for his first campaign outing ahead of the 2027 general elections.

Speaking on Arise Television’s Morning Show on Monday, Oseni said Tinubu should not have campaigned in Kaduna if he was going to deliver such an embarrassing speech.

“I think that was the worst campaign speech I’ve ever heard in my life by President Tinubu.

“I think it was best he should not have even campaigned in Kaduna, because that was a terrible one for the eyes and for the ears,” he said.

The broadcaster faulted members of the president’s campaign council for allegedly failing to prepare a concise speech that would enable Tinubu to explain and defend his administration’s policies after nearly four years in office.

According to Oseni, the president’s aides should have prepared a five-minute speech summarising the achievements of the administration and explaining its policies to Nigerians.

He questioned why the campaign team allowed Tinubu to deliver what he described as a disjointed and uncoordinated speech at a critical moment in his re-election campaign.

“What is wrong with you guys? Is this how much you are so concerned about just collecting money from him?” Oseni asked.

He also criticised Tinubu’s remarks on the removal of the petrol subsidy and his attempt to blame the opposition for the poverty and hunger confronting Nigerians.

Oseni said the president’s speech lacked structure, coherence and a clear ideological direction, adding that it failed to provide an effective defence of his administration’s policies.

“You just allow a man like that to ad lib at his inaugural campaign speech after four years in office, where he needs to make a great defence, what did you guys do to him?” he said.

The broadcaster maintained that Tinubu’s campaign team had failed the president by allowing him to deliver such a speech without adequate preparation.

“I feel for President Tinubu this morning,” Oseni added.

DAILY POST reports that the APC has commenced its campaign activities ahead of the 2027 general elections, with Tinubu seeking another term in office.

2027: I feel for Tinubu – Rufai Oseni