Alex Otti has praised the efforts of the Nigerian Council of Registered Insurance Brokers in promoting insurance awareness and expanding the reach of insurance services across the country.
The governor gave the commendation on Monday while receiving a delegation from the Nigerian insurance industry led by the President of the council, Mrs Ekeoma Ezeibe, at his office in Umuahia.
During the meeting, Otti acknowledged the important role the insurance sector plays in protecting individuals, businesses and investments against unexpected losses and economic uncertainties.
He noted that insurance remains a critical component of economic stability and sustainable development, especially in a country where many citizens and small businesses are vulnerable to financial shocks arising from accidents, disasters, health emergencies and other unforeseen circumstances.
The governor commended the leadership of the council for taking deliberate steps to engage directly with the public in order to improve understanding of insurance services and encourage wider participation in the sector.
According to him, public trust and awareness are essential for the growth of the insurance industry, stressing that many Nigerians still lack adequate knowledge about the benefits and importance of insurance coverage.
Otti stated that regulatory institutions and professional bodies must maintain close interaction with the people they serve if they hope to achieve meaningful impact.
He explained that effective regulation cannot exist in isolation from the realities faced by ordinary citizens and businesses, adding that continuous engagement would help strengthen confidence in the industry.
The governor said initiatives aimed at educating the public on insurance policies, claims processes and consumer rights would help eliminate misconceptions that have discouraged many Nigerians from embracing insurance services.
He also expressed optimism that stronger collaboration between the government and insurance stakeholders could contribute significantly to economic growth, investment protection and improved financial inclusion.
According to Otti, an effective insurance system provides security for businesses and investors, thereby encouraging entrepreneurship and reducing the risks associated with commercial activities.
He further noted that a vibrant insurance industry could support national development by mobilising long-term funds for infrastructure and other strategic sectors of the economy.
The delegation led by Mrs Ekeoma Ezeibe was said to have visited the governor as part of broader efforts by the insurance industry to deepen public engagement and strengthen relationships with state governments and other stakeholders.
Speaking during the visit, Ezeibe reportedly highlighted the council’s commitment to promoting professionalism, ethical standards and increased awareness within the insurance sector.
She noted that insurance brokers play a vital role in helping individuals and organisations understand suitable insurance products and access proper risk management solutions.
According to her, one of the major challenges facing the sector remains low public confidence and limited understanding of insurance operations among many Nigerians.
She stressed the need for sustained awareness campaigns and stronger collaboration between the private sector and government institutions to improve insurance penetration nationwide.
Industry experts at the meeting also reportedly discussed the importance of leveraging technology, public education and policy reforms to make insurance products more accessible and affordable to citizens.
They observed that despite Nigeria’s large population and growing economy, insurance penetration in the country remains relatively low compared to global standards.
Stakeholders believe that improving awareness and rebuilding trust in the sector would encourage more Nigerians to embrace insurance as an essential financial protection tool rather than viewing it as an unnecessary expense.
Observers say the engagement between the Abia State Government and insurance professionals reflects increasing efforts to strengthen cooperation between public institutions and the financial services sector.
The meeting also underscored the growing recognition of insurance as an important driver of economic resilience, business sustainability and social protection in Nigeria’s evolving economy.
With ongoing reforms and awareness initiatives within the industry, stakeholders expressed hope that more citizens and businesses would begin to appreciate the value of insurance in safeguarding lives, properties and investments against unexpected risks.
