The National Insurance Commission (NAICOM) has emphasised that Nigeria’s future prosperity hinges on the nation’s ability to effectively manage risks and uncertainties.

This was highlighted by the Commissioner for Insurance and CEO of NAICOM, Mr. Olusegun Omosehin, during the opening ceremony of the inaugural Insurance Week, organised by the Chartered Insurance Institute of Nigeria (CIIN)in Lagos.

Themed “Insurance for All: Securing Nigeria’s Future”, the week-long event aims to raise public awareness about the critical role insurance plays in driving national growth and resilience.

“Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance equips us with the tools to navigate these risks and protect our collective future,” Omosehin stated.

He added that NAICOM is leading industry-wide reforms to strengthen consumer protection, promote digital innovation, ensure financial soundness among insurers, and expand access to underserved communities across Nigeria.

“But we can’t do this alone. Insurers, brokers, agents, and all stakeholders must uphold the highest standards of professionalism, ethics, and service delivery. Together, we can build an inclusive and globally respected insurance industry,” he noted.

Highlighting the rising threats of economic shocks, natural disasters, and health crises, Omosehin described insurance as “a shield” that enables individuals, businesses, and governments to recover from losses and build resilience.

The CIIN also kicked off the 2025 Insurance Week with an awareness walk across Lagos to promote insurance literacy and trust in the sector.

Speaking during the walk, Mrs. Yetunde Olubunmi Ilori, President and Chairman of CIIN Council, said:

“This walk is more than a tradition; it is a movement to demystify insurance and connect with Nigerians in relatable ways. This year’s Insurance Week focuses on professionalism, education, and empowering the next generation to embrace insurance as a critical life tool.”

Stakeholders agreed that raising awareness and creating innovative, customer-centric products are crucial steps towards increasing insurance penetration in Nigeria, which remains below 5%.

As the Insurance Week unfolds, CIIN and NAICOM are calling for a nationwide effort to make insurance accessible, affordable, and trusted by all Nigerians.