Yemisi Izuora
The Commissioner of Insurance Olusegun Omosehin, has assured that the insurance industry is moving from intention to action where vision is to be translated into measurable impact.
Speaking at the Insurance Sector Strengthening Programme (ISSP) in Abuja, the Commissioner said “Today is one of those moments for the Nigerian insurance sector. It is therefore with great pleasure and a profound sense of responsibility that I welcome you all to the official launch of the Insurance Sector Strengthening Programme (ISSP)—a landmark initiative designed to accelerate the transformation of Nigeria’s insurance landscape and position the sector as a more inclusive, innovative, resilient, and trusted contributor to national development.”
He said the event marks an important milestone in our collective journey to build an insurance industry that responds effectively to the evolving needs of our economy and our people.
As the regulator of the insurance sector in Nigeria, he said the NAICOM is clear in its mandate, to protect policyholders, preserve market stability, enforce sound market conduct, and promote the orderly growth of the industry.
He added that sustainable growth cannot be achieved by regulation alone, but growth without discipline, transparency, and accountability cannot serve the public interest. It requires collaboration, innovation, consumer confidence, professional competence, and a shared commitment to deepening insurance penetration across every segment of society.
“The importance of this initiative is clear when viewed against the realities confronting our industry. Despite Nigeria’s large and growing economy, insurance penetration remains significantly below its potential. Many citizens remain uninsured or underinsured, public understanding of insurance products and benefits is still limited, and opportunities among women, youth, and small businesses are not yet fully harnessed. Issues of trust, capacity gaps, and fragmented distribution channels also continue to constrain industry growth.
These challenges should not be viewed merely as obstacles. Rather, they point to the need for innovative solutions, stronger industry coordination, and deeper stakeholder engagement to unlock the enormous potential of Nigeria’s insurance market.
The ISSP provides a structured and strategic response to these priorities. Built around six critical pillars—Advocacy and Policy, Awareness and Education, Capacity Building, Gender Inclusion, Youth Engagement, and MSME and Value Chain Development—it offers a comprehensive framework for advancing the growth and sustainability of the insurance sector.”
Its focus on awareness and education is particularly timely. Insurance uptake is directly linked to public understanding and trust. No insurance market can flourish where consumers do not appreciate insurance as a practical tool for financial protection and risk management.
Through targeted campaigns, stakeholder education, and innovative communication approaches, the ISSP aims to strengthen insurance culture and improve financial literacy among Nigerians.
Equally important is the programme’s emphasis on capacity building. The future competitiveness of our industry depends on the quality of its human capital. As technologies evolve and customer expectations change, insurance professionals must continue to develop the skills and competencies required for excellent service delivery. The proposed training and professional development initiatives will strengthen technical expertise, professionalism, and performance across the insurance value chain.
He added, “I am also pleased that the programme prioritizes gender inclusion and youth participation. No sector can achieve sustainable growth when large segments of society remain underserved or underrepresented. Women are a significant economic force, while young people represent the future of our nation and our industry. Bringing these groups into the mainstream of insurance through tailored products, innovative engagement, and career development opportunities will expand market reach and enhance the sector’s relevance.”
The programme further acknowledges the central role of Micro, Small, and Medium Enterprises in national economic development. MSMEs drive employment, innovation, and productivity, yet many operate without adequate risk protection. Expanding insurance access for this segment will promote business resilience, economic stability, and long-term enterprise growth.
The ISSP also aligns strongly with the objectives of the Nigeria Insurance Industry Reform Agenda (NIIRA 2025). It supports key sector priorities, including deepening insurance penetration, enhancing professionalism, promoting innovation, strengthening consumer protection, and increasing the sector’s contribution to national economic growth.
As regulator, NAICOM will continue to create an enabling environment for innovation, but this commitment must be matched by strict adherence to prudential standards, ethical conduct, fair treatment of customers, and timely settlement of genuine claims. Innovation will be encouraged, but not at the expense of consumer protection. Market expansion will be supported, but not at the expense of solvency, transparency, or public trust. The ISSP provides a platform for regulators, insurers, intermediaries, technology providers, development partners, and consumers to work together in pursuit of these shared objectives.
“Let me state clearly that the next phase of insurance growth in Nigeria must be anchored on responsible underwriting, adequate capitalization, robust governance, transparent operations, prompt claims settlement, and measurable value to policyholders. NAICOM will continue to engage, support, and guide the industry; but we will also insist that every operator earns public confidence through compliance, professionalism, and service excellence.
The world is changing rapidly, and digital transformation is redefining how financial services are designed, distributed, and consumed. Customers now expect convenience, transparency, and personalized solutions. In this environment, the insurance industry must embrace innovation as a necessity. The integration of digital platforms, insurtech solutions, and data-driven approaches under the ISSP framework will help position the Nigerian insurance market for greater competitiveness in an increasingly digital economy.
Beyond market growth, our ultimate objective is to build trust. Trust is the foundation of every successful insurance market. It is earned through transparency, timely claims settlement, ethical conduct, strong regulation, and consistent delivery of value. Regulation must therefore serve as both a shield for policyholders and a compass for responsible market development. Every stakeholder must use this opportunity to strengthen the industry’s relationship with the public and reaffirm our collective commitment to policyholder protection.
As we launch this national initiative, let us remember that the future of insurance in Nigeria is a shared responsibility. The regulator will provide policy direction and oversight; industry operators will develop innovative products and expand distribution channels; professional bodies will strengthen standards and capacity; development partners will provide technical support; educational institutions will nurture future talent; and the media will amplify public awareness. Working together, we can build an insurance sector that is inclusive, innovative, trusted, and impactful.
The vision before us is ambitious, but it is achievable. Through sustained commitment, strategic partnerships, and collective action, we can transform insurance from an underutilized financial service into a powerful instrument for economic resilience, social protection, wealth creation, and national development.
On behalf of the National Insurance Commission, I commend the promoters and partners of the Insurance Sector Strengthening Programme for their vision, dedication, and commitment to advancing the Nigerian insurance industry. I assure all stakeholders of NAICOM’s continued support in facilitating initiatives that align with our mandate of protecting policyholders, ensuring market stability, and promoting the healthy growth of the insurance sector.
As we formally launch the Insurance Sector Strengthening Programme today, let this occasion mark the beginning of a new chapter for insurance in Nigeria—one defined by innovation, inclusion, collaboration, professionalism, trust, and regulatory discipline. Let it send a clear message that sustainable growth and public confidence will be built not on promises alone, but on solvency, integrity, professionalism, and the consistent delivery of real value to Nigerians.”