By David Akinmola
The National Insurance Commission (NAICOM) has called on the industry’s stakeholders to make a deliberate effort to uphold insurance culture among Nigerians.
The commission also said the sector’s growth must for a deliberate effort to uphold insurance culture among Nigerians, saying there is a need for the sector’s growth to go beyond penetration statistics in driving cultural acceptance in the country.
Speaking on a topic with the theme,” Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry,” in an industry forum, in Lagos. The Commissioner for Insurance, Segun Omosehin, underlined the need for collective commitment in the industry to deepen insurance understanding and trust among Nigerians.
Omosehin stated that penetration goes beyond numbers; it is about cultural acceptance. We must educate and engage the public, demonstrating how insurance is not a burden but a pathway to stability and a safety net for the future.
According to him, insurance plays a vital role in building national resilience amid global and domestic uncertainties, including geopolitical tensions, climate challenges, and technological disruption in the country.
He noted that the commission ongoing effort to strengthen compulsory insurance enforcement and expand reach through collaboration with key government institutions such as the Federal Road Safety Corps (FRSC), Nigerian Police Force (NPF), and the Federal Fire Service.
These efforts, he explained, are already yielding improved compliance and a broader safety net for citizens across the country.
The commissioner called on key stakeholders to align with NAICOM’s vision through three core action points: leveraging innovation to drive inclusion, reinforcing regulatory and data infrastructure, and, most importantly, embedding insurance within the social consciousness of the people.
“Let us work together to build a future where every Nigerian, regardless of status or location, can confidently say: ‘I am covered.”
The Director General of the Nigerian Insurance Association (NIA) Bola Odukale at the forum also advised underwriting firms to leverage technology to reach underserved populations, especially those in the rurals, informal economies, and the youth demographic.
She said microinsurance and digital channels must define the sector’s future frontiers.
