The National Insurance Commission (NAICOM) on Thursday officially launched the Insurance Sector Strengthening Programme (ISSP), a new national initiative aimed at transforming Nigeria’s insurance industry into a more inclusive, innovative, and trusted driver of economic growth.
Declaring the programme open in Abuja, the Commissioner for Insurance, Mr. Ayo Omosehin, described the launch as a defining moment when reform must move “from intention to action.”
Omosehin said the ISSP was designed in response to the sector’s persistent challenges, including low insurance penetration, limited public understanding of insurance products, and gaps in trust, capacity, and distribution.
“Despite Nigeria’s large and growing economy, insurance penetration remains significantly below its potential. Many citizens remain uninsured or underinsured,” he stated.
He added that opportunities among women, youth, and small businesses were “not yet fully harnessed,” noting that these gaps should be seen as a call for “innovative solutions, stronger industry coordination, and deeper stakeholder engagement.”
The Commissioner explained that the ISSP was built around six critical pillars: Advocacy and Policy, Awareness and Education, Capacity Building, Gender Inclusion, Youth Engagement, and MSME and Value Chain Development.
He said awareness and education would be central, because “insurance uptake is directly linked to public understanding and trust.”
Through targeted campaigns, the programme seeks to strengthen insurance culture and improve financial literacy nationwide.
On capacity, Omosehin stressed that the industry’s competitiveness depends on human capital, and that training initiatives under ISSP will strengthen technical expertise across the value chain.
He also highlighted the focus on gender and youth, noting that “women are a significant economic force, while young people represent the future of our nation and our industry.”
The programme also targets Micro, Small and Medium Enterprises, which he said drive employment but often operate without adequate risk protection.
Omosehin said the ISSP aligns with the Nigeria Insurance Industry Reform Agenda (NIIRA 2025) and key priorities such as deepening penetration, enhancing professionalism, and strengthening consumer protection.
While NAICOM will create an enabling environment for innovation, he warned that this would not come “at the expense of consumer protection, solvency, transparency, or public trust.”
“The next phase of insurance growth in Nigeria must be anchored on responsible underwriting, adequate capitalization, robust governance, transparent operations, prompt claims settlement, and measurable value to policyholders,” he said.
The Commissioner further noted that digital transformation and insurtech solutions would be integrated into the ISSP to make insurance products more convenient and personalized for Nigerians.
He called the future of insurance a “shared responsibility,” urging regulators, operators, professional bodies, development partners, educational institutions, and the media to play their roles.
“Through sustained commitment and strategic partnerships, we can transform insurance from an underutilized financial service into a powerful instrument for economic resilience, social protection, and national development,” Omosehin said.
He commended the promoters and partners of ISSP and assured stakeholders of NAICOM’s continued support in protecting policyholders and ensuring market stability.
The launch, he said, “marks the beginning of a new chapter for insurance in Nigeria, one defined by innovation, inclusion, collaboration, professionalism, trust, and regulatory discipline.”
The event drew industry operators, intermediaries, technology providers, and development partners.
