The National Insurance Commission (NAICOM) has underscored the critical role of insurance in safeguarding Nigeria’s future by effectively managing uncertainties. Mr. Olusegun Omosehin, the Commissioner for Insurance and CEO of NAICOM, emphasized this point during the inaugural Insurance Week held in Lagos. He argued that every decision, whether personal, corporate, or governmental, carries inherent risks and that insurance provides the necessary tools to navigate these uncertainties, ultimately protecting the nation’s collective future. NAICOM’s commitment to strengthening the insurance industry involves several strategic reforms aimed at enhancing consumer protection, fostering digital innovation, ensuring sufficient capital and robust governance, and expanding insurance access to underserved communities. This comprehensive approach recognizes the interconnectedness of various aspects of the insurance ecosystem and the importance of creating a stable and inclusive insurance market. He appealed for collaborative efforts from all stakeholders, including insurers, brokers, agents, and professionals, to uphold the highest ethical standards, ensuring quality service and professional conduct for the benefit of all involved.
Omosehin further highlighted the importance of public awareness campaigns to educate Nigerians on the benefits of insurance. He stressed the need for customized insurance products that cater to the diverse needs of all Nigerians, irrespective of their location (urban or rural) or economic status (formal or informal). The Commissioner emphasized the critical role of prompt and transparent claims processing in building trust and confidence in the insurance system, alongside investments in talent and technology to drive innovation and enhance credibility within the sector. This multi-pronged strategy aims to create a more robust and responsive insurance sector capable of meeting the evolving needs of the Nigerian population. He called for a concerted effort to deepen insurance penetration and make insurance accessible to every Nigerian, thereby securing the nation’s future.
The Commissioner underscored the increasing prevalence of risks in today’s rapidly changing world, citing economic shocks, natural disasters, and health crises as prime examples. These uncertainties, he argued, can significantly disrupt lives and hinder national progress. Insurance, therefore, acts as a crucial protective shield, enabling individuals, businesses, and governments to manage these risks effectively, recover from losses, and build resilience. Omosehin emphasized that without adequate insurance coverage, the Nigerian economy would be more vulnerable, and its citizens less secure. This highlights the crucial link between insurance penetration and overall national well-being. The theme of the Insurance Week, “Insurance for All: Securing Nigeria’s Future,” aptly captures this critical message and underscores the urgency of promoting insurance coverage across the nation.
Omosehin commended the Chartered Insurance Institute of Nigeria (CIIN) for organizing the Insurance Week, describing it as a timely and essential initiative. He emphasized the need to ignite a national conversation about the power of insurance, urging stakeholders to extend awareness campaigns beyond major cities like Lagos and Abuja to reach all corners of the country, including Port Harcourt and Kano. He noted the growing interest and participation in insurance awareness campaigns, emphasizing the need to maintain this momentum to achieve widespread insurance coverage. The Commissioner specifically acknowledged the leadership and dedication of Mrs. Yetunde Olubunmi Ilori, the 52nd President of CIIN, for her instrumental role in bringing the Insurance Week to fruition.
The CIIN and other stakeholders took their advocacy to the streets of Lagos with an awareness walk to kick off the 2025 Insurance Week. This walk served as a powerful symbol of the industry’s commitment to demystifying insurance, promoting trust, and engaging with the public. The President/Chairman of Council, CIIN, reiterated the initiative’s core objective of deepening insurance penetration, emphasizing the importance of connecting with the public in relatable ways. The Insurance Week focused on deepening professionalism within the industry, fostering insurance education, and empowering the next generation of insurance professionals. The awareness walk served as a catalyst for these conversations, bringing the message directly to the people.
The combined message from NAICOM and CIIN emphasizes the vital importance of insurance in securing Nigeria’s future. By managing uncertainties effectively, promoting wider access to insurance products, and enhancing public awareness, the insurance industry aims to contribute significantly to national stability and resilience. The collaborative efforts of regulators, industry professionals, and the public are crucial to achieving this vision of a more insured and secure Nigeria. The focus on professionalism, education, and innovation within the insurance sector signals a commitment to continuous improvement and adaptability in a rapidly changing world. The 2025 Insurance Week, with its focus on national awareness and accessibility, serves as a vital stepping stone towards building a more robust and inclusive insurance landscape for all Nigerians.
