The chief executive officer of the British Insurance Brokers’ Association (BIBA), Graeme Trudgill (pictured), has concluded a visit to Nigeria aimed at strengthening ties between the UK and one of Africa’s most promising yet underdeveloped insurance markets.
During the visit, Trudgill met with senior representatives from key industry bodies including the Nigerian Council of Registered Insurance Brokers (NCRIB), the Chartered Insurance Institute of Nigeria (CIIN), and the Nigerian Insurers Association (NIA). He also paid a courtesy call to the Deputy British High Commission in Lagos, underscoring the diplomatic weight behind the engagement.
A central part of the trip was Trudgill’s meeting with veteran insurance practitioner Olola Olabode Ogunlana, chairman of Scib Nigeria & Co. Ltd, who in May became the first recipient of BIBA’s International Lifetime Achievement Award. The award, presented at the 2024 BIBA Conference in Manchester, recognised Ogunlana’s contributions to the profession over more than 70 years.
Trudgill’s visit, the first of its kind by a sitting BIBA chief executive, focused on developing areas of mutual interest between the two markets, including broker development, regulatory cooperation, digital innovation, and professional training.
Nigeria’s insurance sector, though expanding, remains relatively small compared to the size of its economy. Insurance penetration is currently estimated at under 1%, with growth hindered by low public awareness, limited retail distribution, and long-standing issues around trust and claims settlement.
Still, the industry has recorded steady gains. According to data from Nigeria’s National Insurance Commission (NAICOM), gross written premiums reached approximately ₦1 trillion (around £500 million) in 2023. Recent regulatory reforms, particularly around capitalisation, compulsory insurance, and digital operations, have created openings for local and international collaboration.
The sector comprises over 50 licensed insurers and reinsurers, and more than 500 registered brokers. Broking remains central to commercial lines distribution, though there is growing interest in retail and microinsurance, especially through mobile platforms and insurtech partnerships.
Trudgill’s meetings with Nigerian stakeholders included discussions on aligning regulatory frameworks, improving broker professionalism, and building cross-border partnerships to support market development.
“There’s clear potential for collaboration between our markets,” Trudgill said. “Brokers in the UK and Nigeria face similar challenges in terms of regulation, innovation, and delivering better outcomes for clients. Sharing expertise is a practical way to move forward.”
NCRIB described the engagement as a timely development for the broking community, with opportunities to benefit from BIBA’s experience in policy advocacy, technical training, and consumer engagement. The CIIN also welcomed future partnerships in education and certification.
The visit is expected to serve as a foundation for more structured UK–Nigeria insurance cooperation, including joint events, training exchanges, and broker-to-broker engagement. With Nigeria aiming to expand access to insurance across key sectors, industry players see international collaboration as a critical part of the strategy.
Trudgill’s trip marks a rare direct engagement between UK and Nigerian insurance leaders, reflecting a broader push to globalise broker networks and promote professional standards in emerging markets.
