Lagos: The National Insurance Commission (NAICOM) has called for increased public awareness of Nigeria’s role in the insurance sector as a critical step toward securing Nigeria’s economic future.
Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, made the call on Monday, June 30, during the ongoing maiden edition of Insurance Week 2025 in Lagos.
The theme of the event is “Insurance for All: “Securing Nigeria’s Future”.
Omosehin said, “In today’s fast-changing world, risks are everywhere: economic shocks, natural disasters, health crises, and more.
“These uncertainties can disrupt lives and derail national progress. Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.
“Without insurance, our economy would be more vulnerable, and our people less secure. That’s why this year’s theme, “Insurance for All: Securing Nigeria’s Future,” is both timely and essential.
“This week is not just a celebration; it’s a call to action. We must ignite a nationwide conversation about the power of insurance.
“From Lagos to Abuja, Port Harcourt to Kano, we are seeing growing interest and participation in insurance awareness campaigns. This momentum must continue.”
Reaffirming NAICOM’s commitment to strengthening the sector, the commissioner outlined key focus areas, including consumer protection, digital innovation, capital adequacy, and expanding insurance access to underserved communities.
He stated that reforms alone would not be sufficient, urging industry stakeholders, including insurers, brokers, and agents, to adopt professionalism and ethical practices.
The commissioner emphasised that insurance is not a luxury but a necessity for every Nigerian and called on all sectors of society to join the advocacy.
He stated that to secure Nigeria’s future truly, insurers must invest in educating the public about the benefits of insurance and develop products that meet the needs of all Nigerians, including those in urban and rural areas, as well as the formal and informal sectors.
He also noted that insurers must ensure prompt and transparent claims processing as well as invest in talent and technology to drive innovation and trust.
Omosehin commended the Chartered Insurance Institute of Nigeria (CIIN) for spearheading the awareness efforts and organising the event.
He also recognised the CIIN President, Mrs Yetunde Olubunmi Ilori, for her leadership and commitment to the industry’s growth.
“As we mark this insurance week, let us renew our commitment to building an industry that serves the people and supports national development.
“Let us use every platform, media, school, community, and workplace to spread the message: 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,” he said.
