The Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has urged Nigerians to move past the perception of insurance as a luxury, describing it instead as an essential tool for personal, business, and national security.
Omosehin made the call during the maiden edition of Insurance Week, a nationwide awareness campaign themed “Insurance for All: Securing Nigeria’s Future.” The event was organised by the Chartered Insurance Institute of Nigeria (CIIN) under the leadership of Mrs. Yetunde Olubunmi Ilori, with the aim of promoting insurance literacy and expanding participation in the sector.
“Insurance is no longer optional—it’s a necessity,” Omosehin declared. “It plays a critical role in shielding individuals, businesses, and the economy from the adverse effects of risk. It helps us recover from losses and build resilience. It is our shield against uncertainty.”
He emphasized that Nigeria’s economic progress depends heavily on how well risks are managed, adding that without broad insurance adoption, the country would remain exposed and vulnerable.
“This week is not just about celebration—it’s a national call to action,” he said. “From Lagos to Abuja, Port Harcourt to Kano, the growing momentum around insurance awareness must be sustained.”
Omosehin explained that every decision—whether by individuals, businesses, or government—involves uncertainty, but insurance provides the tools to manage that uncertainty and secure the country’s future.
He also reaffirmed NAICOM’s commitment to transforming Nigeria’s insurance industry through reforms that focus on:
- Strengthening consumer protection
- Enhancing digital innovation
- Ensuring capital adequacy
- Promoting good governance
- Expanding access to underserved and informal sectors
According to him, “To secure Nigeria’s future, we must educate the public, develop relevant products for both urban and rural communities, ensure timely and transparent claims processing, and invest in talent and technology that fosters innovation and trust.”
He called on all stakeholders—insurers, brokers, agents, and industry professionals—to uphold high standards of ethics and professionalism, and to join forces in building a resilient insurance industry that supports national development.
“Let us take the message of insurance to every platform—media, schools, communities, workplaces,” he urged. “Together, we can build a future where every Nigerian is protected and our economy is stronger and more resilient.”
