National Insurance Commission (NAICOM) is pushing to accelerate the transformation of Nigeria’s insurance landscape and position the sector as a more inclusive, innovative, resilient, and trusted contributor to national development.
Speaking at the launch of the Insurance Sector Strengthening Programme (ISSP) on Thursday in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, said, ‘Today marks an important milestone in our collective journey to build an insurance industry that responds effectively to the evolving needs of our economy and our people.
‘As the regulator of the insurance sector in Nigeria, the National Insurance Commission (NAICOM) is clear in its mandate: to protect policyholders, preserve market stability, enforce sound market conduct, and promote the orderly growth of the industry’.
He explained that sustainable growth cannot be achieved by regulation alone, ‘but growth without discipline, transparency, and accountability cannot serve the public interest. It requires collaboration, innovation, consumer confidence, professional competence, and a shared commitment to deepening insurance penetration across every segment of society.
‘The importance of this initiative is clear when viewed against the realities confronting our industry. Despite Nigeria’s large and growing economy, insurance penetration remains significantly below its potential.
Many citizens remain uninsured or underinsured, public understanding of insurance products and benefits is still limited, and opportunities among women, youth, and small businesses are not yet fully harnessed. Issues of trust, capacity gaps, and fragmented distribution channels also continue to constrain industry growth.
‘These challenges should not be viewed merely as obstacles. Rather, they point to the need for innovative solutions, stronger industry coordination, and deeper stakeholder engagement to unlock the enormous potential of Nigeria’s insurance market’.
The Commissioner said the ISSP provides a structured and strategic response to these priorities. ‘Built around six critical pillars-Advocacy and Policy, Awareness and Education, Capacity Building, Gender Inclusion, Youth Engagement, and MSME and Value Chain Development-it offers a comprehensive framework for advancing the growth and sustainability of the insurance sector.
‘Its focus on awareness and education is particularly timely. Insurance uptake is directly linked to public understanding and trust. No insurance market can flourish where consumers do not appreciate insurance as a practical tool for financial protection and risk management.
‘Through targeted campaigns, stakeholder education, and innovative communication approaches, the ISSP aims to strengthen insurance culture and improve financial literacy among Nigerians.
‘Equally important is the programme’s emphasis on capacity building. The future competitiveness of our industry depends on the quality of its human capital. As technologies evolve and customer expectations change, insurance professionals must continue to develop the skills and competencies required for excellent service delivery.
‘The proposed training and professional development initiatives will strengthen technical expertise, professionalism, and performance across the insurance value chain,’ he stated.
Omosehin reaffirmed that the programme prioritizes gender inclusion and youth participation. ‘No sector can achieve sustainable growth when large segments of society remain underserved or underrepresented. Women are a significant economic force, while young people represent the future of our nation and our industry.
‘Bringing these groups into the mainstream of insurance through tailored products, innovative engagement, and career development opportunities will expand market reach and enhance the sector’s relevance.
‘The programme further acknowledges the central role of Micro, Small, and Medium Enterprises in national economic development. MSMEs drive employment, innovation, and productivity, yet many operate without adequate risk protection. Expanding insurance access for this segment will promote business resilience, economic stability, and long-term enterprise growth.
‘The ISSP also aligns strongly with the objectives of the Nigeria Insurance Industry Reform Agenda (NIIRA 2025). It supports key sector priorities, including deepening insurance penetration, enhancing professionalism, promoting innovation, strengthening consumer protection, and increasing the sector’s contribution to national economic growth,’ the Commissioner noted.
Omosehin said the ISSP provides a platform for regulators, insurers, intermediaries, technology providers, development partners, and consumers to work together in pursuit of these shared objectives.