Building Resilience in Insurance Businesses on Economic Uncertainty in Nigeria

Abstract

This paper examines the building of resilience in insurance businesses amidst economic uncertainty in Nigeria. Against a backdrop of persistent economic uncertainty, the study uses a qualitative technique to identify key economic stressors in Nigeria, including high inflation, exchange rate volatility, and fiscal pressures, and analyzes their impact on the insurance sector. The paper moves beyond conventional risk management to propose a multidimensional framework for enhancing resilience, encompassing financial, operational, market, organizational, digital, and societal dimensions. The paper concludes that by proactively adopting this comprehensive approach, Nigerian insurance companies can not only mitigate risks but also uncover opportunities for growth and contribute to the broader economic stability of the nation. It recommends four essential capabilities - foresight, disruption preparation, crisis response, and strategic reorientation - that are crucial for navigating the volatile economic landscape.