Insurance Industry Must Leverage Technology To Deepen Coverage -NAICOM Boss
By Sunday Etuka, Abuja
The Commissioner for Insurance, Mr Ayo Omosehin has stated that in order to deepen insurance coverage in the country, especially, among the underserved, those in rural communities, industry players must leverage technology.
Mr Omosehin spoke on Wednesday at the 2025 BusinessDay Insurance Industry Conference held in Lagos State.
He also underscored the need to expand penetration by building robust systems that support accountability, enable data- driven decision-making, and protect the consumer.
The NAICOM boss while noting that true penetration goes beyond numbers, but about cultural adoption, emphasised the need to educate and engage the public, demonstrating how insurance is not a burden but a pathway to stability and a safety net for the future.
He said the theme of the Conference “Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry,” could not be timely nor more relevant, as sector navigates an era marked by both unprecedented risks and emerging opportunities.
“We are at a time when our industry, like many others, is grappling with heightened uncertainty, ranging from geopolitical instability and climate-related disasters to rapid digital transformation and fluctuating economic indicators. Yet, amid this fog of unpredictability, one constant remains: the critical role insurance plays in building national resilience.
“As the insurance industry regulatory institution, the National Insurance Commission (NAICOM) has, over the past year, demonstrated visionary leadership and a proactive posture. We have not only regulated but also catalyzed transformation.
“Through intensified engagement with stakeholders, insurers, brokers, agents, policyholders, and policymakers, we have fostered greater transparency, deeper collaboration, and a stronger sense of shared responsibility,” he said.
Mr Omosehin noted that one of our most commendable strides has been in forging stronger alliances with government institutions and industry stakeholders. These partnerships have been instrumental in deepening insurance penetration across critical sectors of the economy.
He said through collaboration with the Federal Road Safety Corps (FRSC), Nigerian Police Force (NPF), Federal Fire Service, and others, NAICOM has significantly strengthened the enforcement of compulsory insurances, including motor third-party insurance, insurance of public buildings, and group life insurance.
“These efforts have led to improved compliance and an expanded pool of insured Nigerians, ensuring that the protective umbrella of insurance now reaches further than ever before,” he added.
The Commissioner reiterated that “the enforcement of compulsory insurance is not merely a regulatory mandate–it is a social imperative. Today, more Nigerians are covered. More properties are insured. More lives are protected. This is a trend we must not only sustain but scale. Through digital verification systems, public awareness campaigns, and nationwide field monitoring,
“NAICOM is making non-compliance increasingly difficult. Compliance is no longer optional; it is the cornerstone of our collective credibility.
“The journey toward resilience and growth in uncertainty is one we must embark on together. With NAICOM leading the charge, and with the unwavering cooperation of all stakeholders, I am confident that Nigeria s insurance industry will not only withstand the storms ahead but thrive beyond them,” he said.
