National Insurance Commission (NAICOM) is pushing to transform 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 Insurance Sector Strengthening Programme (ISSP) on Thursday, in Abuja, Commissioner for Insurance, Mr Olusegun Ayo Omosehin, said the event marks an important milestone in the journey to build an insurance industry that responds effectively to the evolving needs of the economy.
He said that the regulator of the 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, while growth without discipline, transparency, and accountability cannot serve the public interest. He noted that 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,’ he said.
Omosehin stated further that 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.