The Commissioner for Insurance at the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has dismissed claims that the Nigerian insurance sector makes a minimal contribution to the national economy, arguing that such assertions are based on flawed comparisons.
Speaking at the 2025 Insurance Stakeholders’ Consultative Forum, Omosehin stressed that the perception of Nigeria’s insurance industry as a low performer stems from inconsistent statistical analyses. He explained that in many countries, insurance, pensions, and healthcare are grouped together, significantly boosting their reported economic contribution. However, in Nigeria, insurance is assessed in isolation, leading to an inaccurate comparison with global counterparts.
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“We are often criticized for not contributing enough to national output, but the real issue is the comparison itself. In most countries, pensions, health, and insurance are counted as one. In Nigeria, we separate them, yet people still compare our standalone figures with the combined figures of other nations. That is not a fair assessment,” Omosehin stated.
Despite this skewed narrative, he highlighted the consistent and rapid growth of Nigeria’s insurance sector, which has outpaced the country’s overall economic growth since 2019, even during the COVID-19 pandemic. He pointed out that the industry is expanding both in premium generation and market size, positioning it as a key driver of financial stability and economic resilience.
Omosehin urged stakeholders and analysts to adopt more accurate methodologies when evaluating Nigeria’s insurance sector, emphasizing its critical role in risk management, investment security, and national development.
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