Insurance Boss Confronts Low Penetration Criticism at Lagos Forum

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The Commissioner for Insurance at the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has addressed concerns over low insurance penetration in Nigeria, emphasizing the need for structural reforms and better public awareness to drive sector growth.

Speaking at the 2025 Insurance Stakeholders’ Consultative Forum in Lagos, Omosehin acknowledged the industry’s challenges but dismissed claims that insurance contributes minimally to the economy. Instead, he pointed to flawed comparisons with other countries where pensions, health, and insurance are combined in economic assessments, unlike Nigeria, where insurance is assessed in isolation.

“We are often criticized for low penetration, but the reality is that insurance is expanding at a rate faster than the national economy. The sector has consistently recorded double-digit growth over the past five years, yet public perception remains skewed due to unfair comparisons,” he stated.

Omosehin stressed that improving insurance awareness, leveraging technology, and enforcing compliance would significantly boost penetration. He urged stakeholders to collaborate in making insurance more accessible and appealing to Nigerians, ensuring the sector plays a more visible and impactful role in economic development.

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