The National Insurance Commission (NAICOM) has urged Nigerians to embrace insurance as a vital tool for managing risks and driving economic stability.

Speaking at the maiden edition of Insurance Week 2025 in Lagos, the Commissioner for Insurance and CEO of NAICOM, Mr. Olusegun Omosehin, stressed the need for inclusive insurance to protect individuals, businesses, and the nation’s economy against uncertainties.

“In today’s fast-changing world, risks such as economic shocks, natural disasters, and health crises can derail national progress. Insurance acts as a shield, helping us recover from losses and build resilience,”Omosehin said.

He added that the theme of the event, “Insurance for All: Securing Nigeria’s Future,” highlights the urgent need to raise awareness and expand access to underserved communities.

Omosehin outlined NAICOM’s key priorities, including:
– Strengthening consumer protection
– Promoting digital innovation
– Ensuring capital adequacy among insurers
– Increasing insurance access in rural and urban areas

He emphasised that insurance is not a luxury but a necessity, urging industry players to embrace professionalism, ethical practices, and transparency in claims processing to build public trust.

“Reforms alone are not enough. We need insurers, brokers, agents, and all stakeholders to educate the public, design inclusive products, and invest in technology and talent to drive innovation,” he said.

Commending the Chartered Insurance Institute of Nigeria (CIIN) for championing the awareness campaign, Omosehin called for a nationwide push to promote insurance literacy across media, schools, communities, and workplaces.

“Together, we can create a future where every Nigerian is protected and our economy is stronger and more resilient,” he added.