Insurance Operators Urged to Focus on Risk Prevention and Resilience Through Technology

Insurance sector leaders are urged to evolve beyond simply compensating for losses. The call is for operators to actively assist businesses in anticipating risks, preventing disruptions, and enhancing resilience through technology-driven solutions. This shift was emphasized by Mrs. Idu Okeahialam, Group Managing Director/Chief Executive Officer of Royal Exchange Plc, during the SUPERNEWS Nigeria Local Content Confab 2026.

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Insurance sector operators have been charged to evolve from merely compensating losses to helping businesses anticipate risks, prevent disruptions and improve resilience through technology-driven solutions.

Okeahialam envisioned a collaborative ecosystem where oil and gas operators, insurers, regulators, technology firms, and investors would share data. This integration, coupled with predictive analytics and robust risk management systems, aims to improve underwriting, minimize losses, and boost operational efficiency. She also called for stronger strategic partnerships between oil and gas operators, focusing on local content development and digital transformation to drive inclusive economic growth and national resilience.

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Nigeria’s next phase of economic development must be driven by collaboration among critical sectors, stronger institutions, innovation and strategic partnerships capable of unlocking sustainable value.

Speaking on "Local Content & Digitalisation: Building Synergy between the Oil & Gas and Insurance Sectors for Inclusive Growth," Okeahialam stated that Nigeria's future economic development hinges on cross-sector collaboration, strong institutions, innovation, and strategic partnerships. She highlighted that while Nigeria has made strides in local content within the oil and gas sector, the focus must now expand from asset ownership to encompass indigenous financing, insurance, technology, expertise, and risk management. Okeahialam underscored insurance's role as critical economic infrastructure, providing the confidence necessary for investment and long-term business sustainability, particularly emphasizing effective risk management for the complex oil and gas industry.

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while Nigeria has recorded significant progress in local content development within the oil and gas industry, the next frontier should extend beyond asset ownership to include indigenous financing, insurance, technology, expertise and risk management.