The National Insurance Commission (NAICOM) has renewed its call for greater insurance inclusion in Nigeria, urging stakeholders to prioritise risk awareness and expand insurance access to safeguard lives, businesses, and the national economy.
Speaking at the flag-off of the 2025 edition of Insurance Week in Lagos, the Commissioner for Insurance, Mr. Olusegun Omosehin, highlighted Nigeria’s vulnerability to macroeconomic shocks and called for a culture shift that treats insurance as a necessity rather than a luxury.
“In today’s fast-changing world, risks are multiplying. Insurance is our safety net—it protects lives, stabilises businesses, and enables governments to rebound from disruptions. A nation without robust insurance coverage is one exposed to financial instability,” Omosehin stated.
He lamented Nigeria’s current insurance penetration, which hovers at just about one per cent of Gross Domestic Product (GDP), describing it as one of the lowest globally. He stressed the urgent need for widespread reform and public reorientation to deepen insurance adoption across all socio-economic classes.
According to Omosehin, a key priority of NAICOM is to shift the public’s perception of insurance from an elite service to an everyday necessity.
“This Insurance Week is more than a celebration. It is a national call to action. We need to ignite a meaningful conversation around why every Nigerian—urban or rural, formal or informal—needs insurance coverage,” he said.
The Commissioner emphasized that real progress would come not only through tighter regulation but through grassroots engagement, enhanced policyholder protection, and increased education on the role of insurance in economic resilience.
In a direct message to operators, Omosehin challenged insurers and brokers to deliver not just innovative products but also credibility.
“We must improve claims transparency and build trust. Nigerians need to believe in the system. That means efficient claims handling, consumer protection, talent investment, and digital innovation,” he said.
He noted that NAICOM is intensifying monitoring to ensure policyholders get timely payouts, and is also developing regulatory frameworks around new frontiers like cyber risk coverage and microinsurance for underserved demographics.
Also speaking at the event, President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, called for the institutionalisation of insurance literacy through formal education.
“Insurance awareness must go beyond billboards and radio jingles,” she noted. “It is time to move into practical education—through school curricula, technical colleges, and vocational training centres. We must institutionalise insurance thinking from a young age to shape a new generation of risk-aware citizens.”
The Nigerian insurance industry recorded notable growth in 2024, with underwriters earning ₦1.6 trillion in premiums and paying out ₦622 billion in claims, according to recent NAICOM data. However, sector stakeholders argue that penetration remains constrained by poor trust, limited reach, and low financial literacy.
To tackle these challenges, NAICOM has also committed to introducing new guidelines for annuity plans and improving frameworks to manage evolving risks like data breaches and climate-related losses.
As NAICOM leads this new awareness push, industry watchers say collaboration between government, private operators, schools, and media will be key to reshaping the future of insurance in Nigeria.
“The future of inclusive risk management lies in demystifying insurance, restoring trust, and making protection accessible to all,” Omosehin concluded.