Yemisi Izuora
Insurance industry regulator, the National Insurance Commission (NAICOM) has called for a nationwide campaign to promote insurance coverage saying empty rhetorics cannot help consumers understand importance of insurance.
Commissioner for Insurance and Chief Executive Officer of the Commission, Olusegun Ayo Omosehin, in his address at Insurance Week 2025, with the theme: “Insurance for All: Securing Nigeria’s Future”, declared the week as a ‘Call For Action’ and not just a celebration.
Omosehin, said the inaugural edition of Insurance Week is a landmark event designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development.
He started by saying that in today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more and that these uncertainties can disrupt lives and derail national progress.
When all these things happen, “Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.” said Omosehin.
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, he added.
He went on to challenge stakeholders and operators saying, “This week is not just a celebration—it’s a call to action. We must ignite a nationwide conversation about the power of insurance. From Lagos to Abuja, Port Harcourt to Kano, we are seeing growing interest and participation in insurance awareness campaigns. This momentum must continue.”
He thanked the Chartered Insurance Institute of Nigeria (CIIN) for leading this charge and for organizing this historic event, and specifically recognized Mrs. Yetunde Olubunmi Ilori, the 52nd President of CIIN, whose leadership and dedication have been instrumental in bringing this vision to life.
The Commissioner said the future of Nigeria depends on how well it manage risk, adding, “Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.”
He said that NAICOM is committed to building a strong, inclusive, and globally respected insurance industry.
“We are driving reforms to: Strengthen consumer protection Promote digital innovation, Ensure capital adequacy and sound governance and Expand access to underserved communities.
He said however, the Commission cannot do it alone and will need every stakeholder insurers, brokers, agents, and professionals to uphold the highest standards of ethics, service, and professionalism.
To truly secure Nigeria’s future, he said the industry must 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