Nigeria’s Economy Vulnerable Without Insurance”- NAICOM boss
The Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM) Mr Olusegun Ayo Omosehin has posited that without insurance, Nigeria’s economy would be vulnerable.
The NAICOM boss stated this at the grand opening ceremony of the maiden Insurance Week 2025 held in Lagos.
“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,” he said.
He noted that in today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more, adding that these uncertainties can disrupt lives and derail national progress.
According to him, “Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience”.
He urged the stakeholders on igniting a nationwide conversation about the power of insurance, stressing that from Lagos to Abuja, Port Harcourt to Kano, we are seeing growing interest and participation in insurance awareness campaigns and that the momentum must continue.
He commended the Chartered Insurance Institute of Nigeria (CIIN) for leading this charge and for organizing this historic event, while giving special recognition to Mrs. Yetunde Olubunmi Ilori, the 52nd President of CIIN, whose leadership and dedication have been instrumental in bringing this vision to life.
He said the future of Nigeria depends on how well we manage risk. Every decision—whether by individuals, businesses, or government—carries uncertainty, as Insurance provides the tools to navigate these uncertainties and protect our collective future.
He noted that the insurance regulator is committed to building a strong, inclusive, and globally respected insurance industry, NAICOM is currently driving reforms to strengthen consumer protection, promote digital innovation, ensure capital adequacy and sound governance and expand access to underserved communities
He called on all stakeholders: insurers, brokers, agents, and professionals—to uphold the highest standards of ethics, service, and professionalism.
As an antidote to truly secure Nigeria’s future, he recommended public awareness on the benefits of insurance, develop products that meet the needs of all Nigerians—urban and rural, formal and informal, ensure prompt and transparent claims processing, and
investment in talent and technology to drive innovation and trust.
“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, schools, communities, and workplaces—to spread the message: Insurance is not a luxury; it is a necessity”, he said.
The inaugural edition of Insurance Week—a landmark event is designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development.
