The Managing Director and Chief Executive Officer of Coronation Insurance Plc, Olamide Olajolo, has warned that when Nigerians delay decisions surrounding insurance, they compound their risks.
He said this in an interview where he highlighted the company’s ‘Insure and Win 2.0’, which was launched during the festive season.
The PUNCH reports that Coronation Insurance launched the ‘Insure and Win 2.0’ in December with about N30m worth of gifts up for grabs by its customers. The first edition of the promo had thrown up Gold Imo as the grand prize winner of a car.
Speaking on the risks that not taking on insurance brings, Olajolo warned that postponing insurance coverage does not eliminate loss exposure but instead allows risks to accumulate over time. He noted that many individuals recognise their vulnerability to accidents, health emergencies, and asset loss, yet continue to defer protection until after a damaging event occurs.
“Don’t let another year pass without proper protection. The risks you’re avoiding by delaying insurance don’t disappear; they compound.
This promotion offers something rare: immediate gratification for long-term planning. Secure your assets, protect your family, and stand a chance to win exceptional prizes. Start 2026 with both security and celebration. That’s what the prosperity partnership delivers,” he said, arguing that hesitation remains one of the most significant obstacles to insurance penetration in Nigeria.
Industry data shows that Nigeria’s insurance penetration remains below one per cent of GDP, despite growing economic uncertainty, climate-related events, rising healthcare costs, and increased pressure on household incomes. Analysts say this gap leaves millions of Nigerians financially exposed and places additional strain on families, businesses, and the broader economy when shocks occur.
Olajolo explained that Coronation Insurance’s approach is increasingly shaped by behavioural insights rather than traditional product marketing. According to the insurance CEO, the key issue is no longer low awareness of insurance benefits but the challenge of translating that awareness into prompt action.
Spotlighting the experience of the first winner, he said, “Imo’s honesty was refreshing, and frankly, we understand it completely.
Nigerians have good reason to be cautious about promotional promises. That’s precisely why we delivered on every commitment last year and why we’re doubling down this year. Trust isn’t declared; it’s earned through consistent action. We want sceptics to become believers by witnessing real customers drive away in real cars.
“Insurance penetration in Nigeria remains stubbornly low despite obvious vulnerabilities. People postpone crucial decisions, thinking they’ll address protection ‘later’. This campaign removes that psychological barrier. It says, ‘Act now, protect yourself today, and here’s something extra for your decisiveness.’ We’re transforming hesitation into action.”
To address this inertia, insurers are experimenting with incentive-driven campaigns designed to encourage earlier engagement with insurance products. Coronation Insurance’s ongoing ‘Insure and Win 2.0’ initiative, which began from the festive season into early 2026, is one such effort. While the campaign offers rewards to participants, the company maintains that its core objective is to prompt individuals to prioritise protection decisions they might otherwise postpone.
Olajolo also highlighted the importance of comprehensive coverage, noting that financial risk is rarely isolated. He said that focusing solely on asset protection without considering life, health, or income continuity often leaves policyholders exposed in other critical areas. This thinking underpins Coronation’s strategy of encouraging customers to combine general insurance and life insurance products as part of a broader financial planning approach.
Maintaining trust remains central to the company’s strategy, particularly in a market where scepticism toward insurance providers and promotional campaigns is widespread. Olajolo acknowledged that rebuilding confidence requires consistent delivery on promises, including transparent claims settlement and verifiable customer outcomes.
He added that as Nigeria’s insurance market evolves, the emphasis must shift from reactive responses to losses toward proactive risk management. In his view, increasing insurance uptake is not only a commercial imperative but also a socioeconomic necessity, as insured households and businesses are better positioned to withstand shocks and maintain economic stability.
As insurers continue to search for effective ways to close Nigeria’s protection gap, Olajolo’s message is clear: delaying insurance decisions may feel safe in the short term, but over time, the cost of inaction can be far greater than the cost of coverage.
“Comprehensive protection isn’t one-dimensional. Your car needs coverage, certainly, but so does your health, your children’s education, and your retirement. By encouraging customers to engage with both companies, we’re promoting holistic financial planning. True security comes from multiple layers of protection, not isolated policies.
“A prosperous continent begins with financially secure individuals. Every person who purchases comprehensive coverage contributes to national resilience. When families aren’t devastated by unexpected health crises or accidents, they maintain economic productivity. When businesses have proper protection, they survive setbacks and continue generating employment. This campaign accelerates that transformation by making protection rewarding, not just responsible,” he asserted.
