The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has reaffirmed the critical role of insurance in Nigeria’s economic stability and national development, calling it “a necessity, not a luxury.”
Omosehin made the statement during his keynote address at the grand opening of the maiden edition of Insurance Week 2025 in Abuja. Themed “Insurance for All: Securing Nigeria’s Future,” the event aims to deepen national awareness of insurance and its benefits to individuals, businesses, and the government.
“It is a great honour to welcome you to the inaugural edition of Insurance Week—a landmark event designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development,” Omosehin said.
Rising Risks, Growing Need for Protection
Addressing stakeholders from across the industry, Omosehin emphasized that the country faces growing uncertainties—including economic disruptions, natural disasters, and public health emergencies—that can derail progress without proper risk management mechanisms in place.
“In today’s fast-changing world, risks are everywhere. Insurance is our shield,” he said. “Without it, our economy would be more vulnerable, and our people less secure.”
From Awareness to Action
Omosehin described the week-long event as more than a celebration, framing it instead as a national call to action. He noted increasing engagement in insurance awareness campaigns across cities like Lagos, Abuja, Port Harcourt, and Kano, and urged for sustained momentum.
He commended the Chartered Insurance Institute of Nigeria (CIIN) for spearheading the event and praised the leadership of its 52nd President, Mrs. Yetunde Olubunmi Ilori, for helping bring the initiative to life.
Building a Resilient Insurance Industry
Highlighting the link between insurance and sustainable national development, the NAICOM chief stressed the importance of managing risk at every level of society. He outlined NAICOM’s current priorities, which include:
- Enhancing consumer protection,
- Driving digital transformation,
- Ensuring capital adequacy and corporate governance,
- Expanding access to underserved populations.
“These reforms are designed to build a strong, inclusive, and globally respected insurance industry,” he said.
However, Omosehin noted that achieving these goals requires a collective effort. “We need every stakeholder—insurers, brokers, agents, and professionals—to uphold the highest standards of ethics, service, and professionalism.”
Next Steps for the Industry
To drive long-term impact, the Commissioner outlined key action points for the industry:
- Intensify public education on insurance benefits,
- Design inclusive and accessible products for all Nigerians,
- Prioritize prompt and transparent claims processing,
- Invest in human capital and technological innovation.
A National Responsibility
“As we mark this Insurance Week, let us renew our commitment to building an industry that serves the people and supports national development,” Omosehin urged. “Let us use every platform—media, schools, communities, and workplaces—to spread the message.”
He concluded by reaffirming the urgency of reshaping public perception: “Insurance is not a luxury. It is a necessity. Together, we can build a future where every Nigerian is protected, and our economy is stronger and more resilient.”
The launch of Insurance Week 2025 marks a significant step forward for the industry’s visibility and relevance, setting the stage for broader participation and deeper public trust in insurance across Nigeria.
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