The National Insurance Commission (NAICOM) has introduced a new sector-wide programme aimed at strengthening Nigeria’s insurance industry, expanding market participation and improving public confidence in insurance services.
Known as the Insurance Sector Strengthening Programme (ISSP), the initiative is designed to make the industry more inclusive, innovative and resilient while increasing its contribution to Nigeria’s economic development.
Speaking at the launch, the Commissioner for Insurance, Ayo Omosehin, said the programme was developed around six major areas: advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and the development of micro, small and medium-sized enterprises (MSMEs) and their value chains.
According to him, the programme provides a broad framework for addressing some of the structural challenges limiting the growth and sustainability of the insurance sector.
Building public trust
Omosehin identified public awareness and education as critical components of the programme, arguing that greater understanding of insurance would be essential to increasing its adoption across the country.
He noted that people were more likely to embrace insurance when they understood its role in protecting their finances and managing risks.
The commissioner said the ISSP would therefore use targeted awareness campaigns, stakeholder education and new communication strategies to improve financial literacy and strengthen the insurance culture among Nigerians.
He stressed that a sustainable insurance market could not develop where consumers lacked confidence in insurance products or did not fully understand their benefits.
Focus on industry skills
The programme also places emphasis on developing the human capital needed to support a competitive insurance industry.
Omosehin said rapid technological changes and evolving customer expectations were creating new demands for insurance professionals, making continuous training and professional development increasingly important.
He explained that proposed training initiatives under the ISSP would seek to improve technical knowledge, professionalism and service delivery throughout the insurance value chain.
The objective, he added, is to ensure that industry personnel possess the skills required to operate effectively in a changing market.
Women and young people targeted
Another major component of the programme is greater participation by women and young Nigerians.
The commissioner said women represented a significant force in the economy, while young people constituted an important part of the country’s future workforce and consumer base.
He argued that bringing both groups more fully into the insurance ecosystem could expand the industry’s reach and improve its relevance.
The initiative is expected to support this objective through tailored insurance products, innovative engagement strategies and opportunities for career development.
MSMEs take centre stage
NAICOM also highlighted the importance of improving insurance coverage for micro, small and medium-sized enterprises, which remain central to employment creation, innovation and productivity.
Omosehin noted that despite their economic importance, many MSMEs operate without sufficient insurance protection, leaving them vulnerable to risks that could threaten their survival and growth.
He said expanding insurance access to the segment would help businesses withstand unexpected shocks, strengthen economic stability and support long-term enterprise development.
The commissioner maintained that better risk protection for MSMEs could also strengthen the wider value chains in which they operate.
A broader industry transformation
The ISSP represents NAICOM’s broader effort to address both supply-side and demand-side challenges facing Nigeria’s insurance market.
By combining public education with professional development, inclusion initiatives and greater attention to MSMEs, the commission expects the programme to help create a stronger relationship between insurers, consumers and businesses.
The success of the initiative, however, will depend on sustained implementation and cooperation among regulators, insurers, industry professionals, businesses and consumers.
NAICOM’s objective is ultimately to build an insurance sector that Nigerians can trust, access more easily and rely on as a practical instrument for financial protection and economic resilience.
