Yemisi Izuora
The National Insurance Commission (NAICOM) has highlighted critical roles of the insurance industry in supporting national development but however called for a far reaching reforms to support the sector’s competitiveness and growth.
Speaking at the RIMSON 40th anniversary celebration, the Commissioner for Insurance Olusegun Ayo Omosehin, observed that in Nigeria, the industry has 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.
Aligning his opinion on the theme of the event “Risk Management In Nigeria-Evaluating Impact And Relevance To National Development” the Commissioner pointed out that the insurance industry, under the regulatory oversight of the Commission, plays a pivotal role in fostering a robust risk management culture in Nigeria.
Through risk transfer mechanisms, he said the insurance not only provides a financial safety net but also promotes stability, investment, and innova on.
“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 penetra on, par cularly among underserved communi es, so that risk mi ga on is inclusive and equitable.
“As we evaluate the impact of risk management on national development, we must embrace a proac ve, data-driven, and forward-looking approach. Risk management should not be seen as a reac ve measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development, and public policy.” he said.
The Commissioner stressed that the theme could not be more significant as our Nation continues to navigate complex economic, social, and environmental challenge in its economic recovery journey.
He said that risk management is one of the cornerstones of sustainable development, adding “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 therefore encouraged all stakeholders present at the event to deepen collaboration, share insights, and commit to advancing risk management prac ces that align with Nigeria’s development aspirations.