Follow Us on Google
By Henry Uche
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has reminded Nigerians that insurance should no longer be seen as a luxury, but as a vital necessity for individuals, businesses, and the nation at large.
Speaking recently during the maiden edition of Insurance Week, an event aimed at deepening national awareness on the importance of insurance, Omosehin emphasised that insurance is fundamental to economic stability and long-term development.
Themed; ‘Insurance for All: Securing Nigeria’s Future’, we are highlighting the crucial role insurance plays in shielding our people and economy from the impact of risk,” he said. “Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.”
The event, powered by the Chartered Insurance Institute of Nigeria (CIIN) under the leadership of Mrs. Yetunde Olubunmi Ilori, focused on promoting insurance literacy and encouraging broad-based participation in the sector. Omosehin stressed that Nigeria’s economy would remain vulnerable without widespread adoption of insurance, reinforcing the essence of the event’s theme.
“This is a call to national awareness. This week is not just a celebration, it’s a call to action. 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,” he said.
Highlighting the connection between risk management and economic progress, the NAICOM boss explained that the country’s development hinges on how well it prepares for and responds to uncertainty.
“The future of Nigeria depends on how well we manage risk,” Omosehin stated. “Every decision, whether by individuals, businesses, or the government, carries uncertainty. But insurance provides the tools to navigate these uncertainties and protect our collective future.”
He reiterated NAICOM’s commitment to building a resilient and globally competitive insurance industry through sweeping reforms aimed at strengthening consumer protection, advancing digital innovation, ensuring capital adequacy, entrenching good governance, and expanding access to underserved populations.
“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 said.
“To truly secure Nigeria’s future, we must 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.”
Calling for collective effort across sectors, Omosehin urged stakeholders to renew their commitment to building a robust insurance industry that truly serves the Nigerian people and supports national goals.
“Let us use every platform, media, schools, communities, workplaces, to spread the message of insurance. Together, we can build a future where every Nigerian is protected, and our economy is stronger and more resilient,” he concluded.
