NAICOM Chief Unveils Bold Agenda for Inclusive Insurance Growth

At the 2025 edition of the BusinessDay Insurance Industry Conference held at Four Points by Sheraton, Victoria Island, Lagos, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, delivered a powerful goodwill message, emphasizing resilience, innovation, and inclusivity as pillars of growth for Nigeria’s insurance sector in times of uncertainty.

With the theme “Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry,” Omosehin underscored the relevance of the discussion, given the backdrop of global instability—from geopolitical tensions and climate crises to economic fluctuations and digital disruptions. He hailed the conference as a testament to the collective will of industry players to navigate these challenges and build a robust future.

“Despite the fog of unpredictability, one constant remains—the critical role insurance plays in building national resilience,” he said.

Highlighting the proactive strides taken by the National Insurance Commission (NAICOM), Omosehin noted the Commission’s evolution beyond regulation into a transformation catalyst. Throu Hugh deep engagement with stakeholders, he said NAICOM has driven transparency, collaboration, and accountability across the sector.

One of the Commission’s landmark achievements, according to Omosehin, has been its successful partnerships with key government agencies including the Federal Road Safety Corps (FRSC), the Nigerian Police Force (NPF), and the Federal Fire Service. These alliances have significantly boosted enforcement of compulsory insurances such as motor third-party, public building insurance, and group life policies—extending the protective reach of insurance to more Nigerians.

“The enforcement of compulsory insurance is not just a regulatory mandate—it is a social imperative,” he declared. “Today, more Nigerians are covered. More properties are insured. More lives are protected.”

Omosehin stressed that compliance with compulsory insurance laws is now being fortified through digital verification systems, public enlightenment campaigns, and rigorous field monitoring. “Non-compliance is no longer an option; it’s a breach of collective trust,” he said.

Looking ahead, the Commissioner outlined three strategic calls to action for the industry:

1. Innovate for Inclusion: He urged insurers to leverage technology to reach underserved populations—especially those in rural areas, informal economies, and the youth demographic. Microinsurance and digital channels, he said, must define the industry’s next frontier.
2. Strengthen Regulatory and Data Infrastructure: He advocated for robust systems that promote accountability, enable data-driven decisions, and ensure consumer protection, with transparency as a guiding principle.
3. Promote an Insurance Culture: True penetration, Omosehin argued, goes beyond statistics. It involves embedding insurance into the daily consciousness of Nigerians—showing that insurance is not a burden, but a stabilizer and safeguard for the future.

He concluded with a rallying call for unity of purpose across the industry: “Let us work together to build a future where every Nigerian, regardless of status or location, can confidently say: ‘I am covered.’”

Omosehin wished participants a productive conference filled with enriching discussions and impactful collaborations, expressing confidence that the Nigerian insurance industry would not only weather current storms but thrive beyond them.

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