The National Insurance Commission (NAICOM) has emphasized that Nigeria’s ability to navigate an uncertain future depends heavily on how well it manages risk.
This message was delivered by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, during the opening ceremony of the first-ever Insurance Week, held on Monday in Lagos. The event, organized by the Chartered Insurance Institute of Nigeria (CIIN), aims to raise national awareness about the critical role of insurance in the country’s development.
Omosehin highlighted the importance of insurance in tackling uncertainties at all levels of society.
“Nigeria’s future relies on how effectively we manage risk,” he said. “From individuals to businesses to government, every decision involves uncertainty. Insurance gives us the means to face these uncertainties and safeguard our future. At NAICOM, we are committed to building a resilient, inclusive, and globally competitive insurance industry.”
He outlined key reforms underway at the Commission, including initiatives to improve consumer protection, encourage digital innovation, ensure financial soundness among insurers, and increase access to insurance in underserved communities.
However, Omosehin stressed that NAICOM cannot achieve these goals alone.
“We need the collaboration of all stakeholders—insurers, brokers, agents, and professionals—to uphold high standards of ethics, service, and professionalism,” he said. “To secure Nigeria’s future, we must educate the public about the value of insurance, create accessible and relevant products, ensure prompt claims settlements, and invest in technology and talent.”
In a world increasingly shaped by economic shocks, natural disasters, and public health crises, Omosehin noted that insurance is essential for resilience.
“These risks can disrupt lives and slow national progress. Insurance acts as a shield, enabling recovery and continuity. Without it, our economy becomes more fragile, and our people more exposed,” he said. “That’s why this year’s theme, ‘Insurance for All: Securing Nigeria’s Future,’ is so timely and vital.”
He also commended CIIN for spearheading the initiative.
“This week is more than a celebration—it’s a call to action,” he said. “We’re seeing growing engagement across Nigeria—from Lagos to Abuja, Port Harcourt to Kano. This momentum must be sustained.”
He praised the leadership of Mrs. Yetunde Olubunmi Ilori, the 52nd President of CIIN, for her role in bringing the initiative to life.
As part of the event’s kickoff, CIIN and other industry stakeholders participated in an awareness walk through the streets of Lagos on Saturday to promote the 2025 Insurance Week.
CIIN President and Council Chairperson Mrs. Ilori described the walk as a symbol of the industry’s commitment to raising awareness and boosting insurance penetration.
“This walk is more than tradition—it’s a movement to demystify insurance, build public trust, and engage with Nigerians in meaningful ways,” she said. “The theme of this year’s Insurance Week focuses on professionalism, education, and youth empowerment—and this walk is a powerful beginning to those efforts.”
