The insurance industry has adopted this year, 2025 as the base year to redefine insurance as a necessity for all and not perceived as a luxury and with ‘all’ set as the centre piece of the industry what follows as the Commissioner for Insurance Olusegun Ayo Omosehin asserts today at the opening of the inaugural Insurance Week is, “Together, we can build a future where every Nigerian is protected, and our economy is stronger and more resilient.”
Omosehin said now and the future the stakeholders have to coalesce their efforts to educate the public 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, invest in talent and technology to drive innovation and trust.
Emphasising the place of insurance in national development the CFI said, “The future of Nigeria depends on how well we manage risk. Every decision – whether by individuals, businesses, or government – carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.”
Still on the exceptionalism of the insurance fort Omosehin said unequivocally, “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.”
Speaking at the same event the Chairman, Nigerian Insurers Association NIA, Mr. Kunle Ahmed said insurers involved in the week long event fresh from the N622bn claims paid to customers in 2024, standing as a testament of the industry’ effectiveness and reliability. Besides, he said the NIA claims simple payment process is in the works and it would enhance customer service, with focus on prompt claims payment and ease of embracing potential customers.
He said the NIA is not standing alone, NAICOM he stated is eagerly committed to protecting the rights and interests of clients. “With a vibrant regulatory framework in place, the industry is working to ensure that insurance companies operate efficiently and effectively.”
