Ardent risk management has been identified as one of the cornerstones that will change Nigeria’s risk management posturing to one that accepts risk management as one of the cornerstone of sustainable development.
Commissioner for Insurance, National Insurance Commission NAICOM, Olusegun Omosehin stated this today at the 40th anniversary celebration of the Risk Management Society of Nigeria RIMSON with the theme, “Risk Management in Nigeria – Evaluating the Impact and Relevance to National Development”
Omosehin noted that the theme was relevant to today’s Nigeria because, “we have witnessed how the lack of structured risk mitigation has hampered growth, from business disruptions to the socio-economic consequences of climate-related disasters, cyber threats, and public health emergencies.”
Canvassing for a shift, NAICOM helmsman said, “In today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks is central to national resilience and progress.”
He said the insurance industry involvement in risk management is a streaming response of both the regulator and operators. “The insurance industry under the regulatory oversight of National Insurance Commission, plays a pivotal role in fostering a robust risk management culture in Nigeria. Through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment, and innovation.”
Putting NAICOM on the spot he cleared, “Our regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholders are protected. We are also working to expand insurance penetration, particularly among underserved communities, so that risk mitigation is inclusive and equitable.”
To all he said, “As we evaluate the impact of risk management on national development, we must embrace a proactive, data-driven, and forward-looking approach. Risk management should not be seen as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development, and public policy.”
