Yemisi Izuora
Business leaders, SMEs, and entrepreneurs gained fresh insights into risk management and supply chain protection at a Stanbic IBTC Insurance Brokers webinar recently, themed “Smart Insurance for Savvy Businesses: Marine and Goods-in-Transit Insurance Explained.”
The virtual session shed light on how insurance solutions can serve as practical tools for safeguarding businesses against risks linked to transporting goods locally and internationally. Discussions centered on the role of Marine Insurance and Goods-in-Transit Insurance in reducing financial exposure, protecting goods in motion, and ensuring operational continuity across Nigeria’s increasingly dynamic business landscape.
Delivering her opening remarks, Temitope Popoola, Executive Director, Stanbic IBTC Insurance Brokers, stressed the urgent need for stronger insurance adoption in Nigeria. “Businesses face risks that can arise without warning. Yet, insurance sector penetration in Nigeria remains at just about one per cent, far too low to guarantee economic stability. At Stanbic IBTC Insurance Brokers, we are committed to making insurance more accessible, fostering a culture of risk management, and ensuring prompt and fair claim settlement,” she said.
Temitope added, “Recently, we successfully paid a $1.2 million claim to a client and extended an offer of over ₦1.3 billion to another. Beyond that, we have launched a mobile app to enable clients to conveniently purchase and monitor their insurance policies in real time. These steps demonstrate our dedication to building trust and ensuring that businesses can operate with confidence.”
The session also featured Abiodun Salami, Head, Claims, Stanbic IBTC Insurance Brokers, who provided technical insights on available coverage. “Under marine insurance, we offer three levels of covers — each designed to protect businesses from specific risks up to comprehensive risk coverage. For Goods-in-Transit, we provide two types of coverage: restricted and all risk cover. However, it is always important for business owners to engage with an insurance broker to identify which coverage best suits their operations,” he explained.
The initiative reinforces Stanbic IBTC Insurance Brokers’ broader role as a thought leader in corporate risk management. By creating platforms for dialogue and education, the organisation continues to bridge knowledge gaps in the Nigerian market and promote insurance adoption as a cornerstone of business resilience.