Nigerian insurance industry urged to boost youth participation and innovation

Adedayo Arowojolu, Managing Director/Chief Executive Officer of Unitrust Insurance Company Limited, has called for deliberate efforts to increase youth participation in Nigeria’s insurance industry. Speaking at the 2026 BusinessToday Annual Conference and Exhibition on Insurance and Pensions in Lagos, Arowojolu emphasized the need to reposition the sector to align with the realities of the younger generation. He noted that insurance is rarely seen as a preferred career option among young people, often ranking below sectors like oil and gas, fintech, and banking. Arowojolu, who entered the industry by chance, highlighted its opportunities and long-term value, explaining that while insurance offers future value, which may not immediately appeal to a generation seeking instant rewards, changing economic realities make financial protection more relevant for young people earning income through digital platforms. He pointed to the 10-Year Nigerian Insurance Industry Transformation Framework as an effort to drive growth and human capital development, with a focus on youth inclusion. Arowojolu proposed stronger advocacy and product innovation, stressing that young people should be involved in designing products that meet their needs. He also underscored the importance of rebuilding trust through prompt claims settlement and leveraging technology, fintech, and insurtech platforms to enhance accessibility. On the professional side, he mentioned that insurance companies are improving re