NAICOM Urges Public Engagement to Build Inclusive Insurance Sector

The National Insurance Commission (NAICOM) has called on Nigerians to embrace insurance as a tool for economic resilience and national development.

During the maiden edition of Insurance Week 2025 in Lagos, the Commissioner for Insurance, Olusegun Omosehin, emphasized the theme “Insurance for All: Securing Nigeria’s Future.” He stressed that in a world filled with uncertainty—ranging from economic crises to natural disasters—insurance serves as a vital safety net for individuals, businesses, and governments.

According to Omosehin, a well-functioning insurance system is essential to Nigeria’s economic sustainability. “This week is not just a celebration, it’s a call to action. We must ignite a nationwide conversation about the power of insurance,” he said.

He outlined several key focus areas for reform, including consumer protection, digital innovation, capital adequacy, and expanding insurance to underserved communities. He also urged stakeholders to prioritize professionalism and ethics within the sector.

Omosehin reiterated that insurance is not a luxury but a necessity for every Nigerian. He called on insurers to invest in public education, offer products suited to both urban and rural consumers, and ensure prompt claims processing.

The Commissioner also praised the Chartered Insurance Institute of Nigeria (CIIN) for organizing the event and acknowledged the leadership of its President, Yetunde Olubunmi Ilori.

In his closing remarks, Omosehin encouraged industry players to promote insurance awareness through media, schools, and community engagement. “Together, we can build a future where every Nigerian is protected, and our economy is stronger and more resilient,” he concluded.