Nigeria: Insurance industry grappling with geopolitical instability, others – NAICOM
Orisemeke Benjamin
The National Insurance Commission has admitted no doubt, that the industry, like many others, is grappling with heightened uncertainty, ranging from geopolitical instability and climate-related disasters to rapid digital transformation and fluctuating economic indicators.
It however, said that amid this fog of unpredictability, one constant remains: the critical role insurance plays in building national resilience.
The National Commissioner for Insurance Mr.Olusegun Ayo Omosehin disclosed this yesterday in his message to the Business Insurance Industry conference held in Lagos
The conference was Themed, “Resilience and Growth in Uncertainty: Charting the Path for Nigeria’ s Insurance Industry”
Omosehin explained that as the insurance industry regulatory institution, the National Insurance Commission (NAICOM) has, over the past year, demonstrated visionary leadership and a proactive posture.
NAICOM Chief Executive Officer said, “We have not only regulated but also catalyzed transformation through intensified engagement with stakeholders, insurers, brokers, agents, policyholders, and policymakers, we have fostered greater transparency, deeper collaboration, and a stronger sense of shared responsibility.
“Through collaboration with the Federal Road Safety Corps (FRSC), Nigerian Police Force (NPF), Federal Fire Service, and others, NAICOM has significantly strengthened the enforcement of compulsory insurances, including motor third-party insurance, insurance of public buildings, and group life insurance.
He stressed that one of our most commendable strides has been in forging stronger alliances with government institutions and industry stakeholders adding that these partnerships have been instrumental in deepening insurance penetration across critical sectors of the economy.
According to him, these efforts have led to improved compliance and an expanded pool of insured Nigerians, ensuring that the protective umbrella of insurance now reaches further than ever before. Let me be clear: the enforcement of compulsory insurance is not merely a regulatory mandate–it is a social imperative.
“Today, more Nigerians are covered. More properties are insured. More lives are protected. This is a trend we must not only sustain but scale through digital verification systems, public awareness campaigns, and nationwide field monitoring, NAICOM is making non-compliance increasingly difficult. Compliance is no longer optional; it is the cornerstone of our collective credibility,” he said.
He further said that charting the Path Forward as we look ahead, the road before us is long, but our destination is within reach. To ensure sustainable progress, propose three critical calls to action: Innovate for Inclusion:
He warned, “We must leverage technology to extend coverage to the underserved, those in rural communities, the informal sector, and among the youth. Microinsurance, digital platforms, and inclusive product design must define our new frontier. Strengthen Regulatory and Data Infrastructure:
“As We expand penetration, we must also build robust systems that support accountability, enable data- driven decision-making, and protect the consumer. Transparency must be our watchword. Promote Insurance Culture: True penetration goes beyond numbers–it is about cultural adoption.
“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. The journey toward resilience and growth in uncertainty is one we must embark on together. With NAICOM leading the charge, and with the unwavering cooperation of all stakeholders, I am confident that Nigeria s insurance industry will not only withstand the storms ahead but thrive beyond them.
He called on stakeholders to work together to build a future where every Nigerian, regardless of status or location, can confidently say: “I am covered.” wish all participants productive and insightful conference, filled with meaningful deliberation and impactful collaborations.
