Veritas Kapital MD Charts Path to Boost Insurance Penetratio

The Managing Director and Chief Executive Officer of Veritas Kapital Assurance Plc, Adaobi Nwakuche, has unveiled a comprehensive strategy aimed at dismantling the long-standing barriers preventing millions of Nigerians from accessing vital financial protection. Speaking on the company’s new direction, Nwakuche pointed out that cultural misconceptions and structural challenges had traditionally isolated the industry from the everyday citizen. She said, “Too many Nigerians still believe insurance is beyond their reach or only meant for large organisations. “We are changing that perception by providing affordable insurance solutions that anyone can access. Whether you are a salary earner, a trader, a young professional or a small business owner, you deserve the peace of mind that comes with financial protection.” The initiative comes at a critical time for the nation’s financial sector. Despite Nigeria’s insurance industry experiencing a significant volume expansion, with gross premium written climbing to N2.3tn according to the National Insurance Commission, overall insurance penetration stubbornly hovers below one per cent of the country’s population of over 200 million. Industry analysts have consistently noted that the sector’s growth is heavily lopsided, driven primarily by corporate oil and gas portfolios, high-value asset protections, and mandatory annuity funds. This commercial concentration has historically left small and medium-sized enterprises, as well as informal retail traders, highly vulnerable to economic shocks, fires, and sudden market disruptions. To address this gap, the company has rolled out a suite of retail insurance solutions with entry points as low as N1,750. The newly launched products are structured into accessible Silver, Gold, and Platinum tiers, offering coverage across essential risk areas. Related News Expert proposes national residents register for security, planning LSETF expands grassroots access to business financing NAICOM maintains July 31 recapitalisation deadline Highlighting the vulnerabilities faced by the informal sector and small-scale entrepreneurs, Nwakuche emphasised the critical role of targeted coverage in ensuring long-term economic stability. She added, “For small businesses especially, even a temporary interruption can have serious financial consequences. “Our Business Interruption Insurance is designed to help business owners stay resilient and recover faster when the unexpected happens.” The push towards micro-retail models also coincides with intense regulatory shifts in the country. Following the enactment of the Nigerian Insurance Industry Reform Act, local operators are facing strict deadlines to meet significantly higher risk-based minimum capital thresholds. Experts believe that building retail volume and capturing the unserved mass market will separate the surviving market leaders from undercapitalised players. Recognising that affordability must go hand in hand with accessibility, Veritas Kapital Assurance has expanded the distribution of its products through widely used digital platforms. To make insurance more convenient for consumers, the company now enables customers to purchase its retail insurance packages directly via WhatsApp, significantly simplifying the process and removing much of the administrative bottlenecks traditionally associated with obtaining coverage. The initiative aligns with Nigeria’s national push for deeper financial inclusion, aiming to transform insurance from a perceived corporate luxury into a standard financial tool for the broader population. Jide Ajia Jide, a seasoned journalist with over 12-year experience, reports business-related stories