NAICOM Calls For Strategic Collaboration To Deepen Insurance Penetration
By Sunday Etuka, Abuja
The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr Ayo Omosehin has called for collaboration of all industry stakeholders to deepen insurance penetration in Nigeria.
Mr Omosehin made the call on Monday while speaking at the 2025 Insurance Week, with the theme, “Insurance for All: Securing Nigeria’s Future,” held in Abuja.
Organized by the Chartered Insurance Institute of Nigeria (CIIN), the historic event was designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development.
The NAICOM boss said: “The future of Nigeria depends on how well we manage risk. Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.
“At NAICOM, we are committed to building a strong, inclusive, and globally respected insurance industry. We are driving reforms to: Strengthen consumer protection, promote digital innovation, ensure capital adequacy and sound governance, expand access to underserved communities.
“But we cannot do it alone. We need every stakeholder—insurers, brokers, agents, and professionals—to uphold the highest standards of ethics, service, and professionalism.”
He submitted that in today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more. Adding that these uncertainties could disrupt lives and derail national progress. Therefore, insurance helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.
“Without insurance, our economy would be more vulnerable, and our people less secure,” he noted.
According to him, the week is not just a celebration—it’s a call to action. Saying: “We must ignite a nationwide conversation about the power of insurance. From Lagos to Abuja, Port Harcourt to Kano, we are seeing growing interest and participation in insurance awareness campaigns. This momentum must continue.”
To secure Nigeria’s future, Omosehin said efforts must be intensified to educate the public on the benefits of insurance, develop products that meet the needs of all Nigerians—urban and rural, formal and informal, ensure prompt and transparent claims processing, and invest in talent and technology to drive innovation and trust.
He thanked the Chartered Insurance Institute of Nigeria (CIIN) for leading this charge and for organizing the landmark event.
“Special recognition goes to Mrs. Yetunde Olubunmi Ilori, the 52nd President of CIIN, whose leadership and dedication have been instrumental in bringing this vision to life,” he said.
