The National Insurance Commission (NAICOM) has urged insurance companies in Nigeria to develop products that are inclusive, accessible, and responsive to the diverse needs of Nigerians across all sectors of society.
The call was made by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, during his keynote address at the inaugural Insurance Week 2025 held in Abuja.
Themed “Insurance for All: Securing Nigeria’s Future,” the event marked a major push to raise national awareness about the critical role of insurance in building economic resilience and supporting sustainable development in the country.
Omosehin highlighted the urgent need for insurance products that resonate with the realities of everyday Nigerians—across rural and urban areas, and in both formal and informal sectors.
“To truly secure Nigeria’s future, we must develop products that meet the needs of all Nigerians,” he said, adding that innovation, transparency, and trust are critical pillars for growing the insurance sector.
He emphasized that insurance is no longer a luxury, but a necessity in an increasingly uncertain world characterized by economic instability, natural disasters, and health emergencies.
“Without insurance, our economy would be more vulnerable, and our people less secure,” Omosehin noted.
As part of NAICOM’s ongoing reforms, the Commissioner outlined key focus areas including strengthening consumer protection, promoting digital innovation, enforcing capital adequacy and good governance, and expanding access to underserved communities.
The event also celebrated the leadership of the Chartered Insurance Institute of Nigeria (CIIN), particularly its 52nd President, Mrs. Yetunde Olubunmi Ilori, for her role in organizing the event and championing insurance advocacy.
Omosehin concluded with a passionate call for all industry stakeholders—insurers, brokers, agents, and regulators—to rise to the occasion and help foster a culture of insurance in Nigeria.
“Let us use every platform—media, schools, communities, and workplaces—to spread the message: Insurance is not a luxury; it is a necessity,” he declared.