A new perspective of insurance perception is beginning to emerge and the authority on this is the National Insurance Commission. “Today, more lives 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.”
These encouraging nuggets were disclosed today by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin at the BUSINESSDAY Insurance Industry Conference 2025 held at The Four Points by Sheraton, Victoria Island Lagos. The theme was “Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry.”
Omosehin said the embrace has been a spinoff from the enforcement process. “Let me be clear: the enforcement of compulsory insurance is not merely a regulatory mandate – it is a social imperative.” He was represented by the Deputy Commissioner for Insurance, Administration and Finance, Mr. Ekerete Ola Gam-Ikom
The CFI said the Commission has set the boulders on either side of the new causeway to keep the emerging significant numbers safe in the new route that accommodates more numbers of insurance policyholders. “NAICOM is making non-compliance increasingly difficult. Compliance is no longer optional; it is the cornerstone of our collective credibility.”
He acknowledged that “the road before us is long, but our destination is within reach.” He identified three critical areas to build on ensure sustainable progress and purpose. First, integrate technology to cover 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.” The second, is the tuff of the regulator, “As we expand penetration, we must also build robust robust systems that support accountability, enable data-driven decision-making and protect the customer. Transparency must be our watchword.” The third, he positioned is 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.”
Calling for all concerned coordinated action plan without bystanders he said, “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 seals sit, “Let us work together to build a future where every Nigerian, regardless of status or location, can confidently say: ‘I am covered’.”
