By Radarr Africa
The National Insurance Commission (NAICOM) has said that Nigeria鈥檚 ability to secure its future depends heavily on how well the country manages risks and uncertainties across all sectors. The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, made this known on Monday during the opening ceremony of the maiden edition of Insurance Week held in Lagos.
The event, organised by the Chartered Insurance Institute of Nigeria (CIIN), aims to raise national awareness about the critical role of insurance in Nigeria鈥檚 socio-economic development. With the theme 鈥淚nsurance for All: Securing Nigeria鈥檚 Future,鈥 this year鈥檚 Insurance Week is drawing attention to the importance of building a risk-aware society where insurance is embraced by individuals, businesses, and government institutions alike.
Omosehin said Nigeria鈥檚 future would be shaped by how well its people and systems are prepared to deal with uncertainty. 鈥淭he future of Nigeria depends on how well we manage risk. Every decision鈥攚hether made by individuals, businesses, or the government鈥攃arries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future,鈥 he said.
He stressed that NAICOM is committed to building a strong, inclusive, and globally competitive insurance industry. To achieve this, he said the Commission is pushing for key reforms that include strengthening consumer protection, promoting digital innovation, ensuring capital adequacy, improving governance structures, and expanding access to insurance in underserved rural and informal communities.
鈥淏ut we cannot do it alone,鈥 Omosehin added. 鈥淲e need every stakeholder鈥攊nsurers, brokers, agents, and professionals鈥攖o uphold the highest standards of ethics, service, and professionalism.鈥
The NAICOM boss also called for increased public awareness and education about the benefits of insurance. He noted that despite the growing complexity of risks in modern society, many Nigerians are still unaware of how insurance can help them manage shocks such as health crises, economic downturns, natural disasters, and business losses.
鈥淭hese uncertainties can disrupt lives and derail national progress. Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience,鈥 he said.
He warned that without strong insurance systems in place, the Nigerian economy would remain vulnerable and citizens would be more exposed to the consequences of disasters and other disruptions.
Speaking further, Omosehin explained that insurance must not be seen as a luxury but a necessity for sustainable development. He urged industry players to develop products that suit the diverse needs of Nigerians across both urban and rural areas and ensure that claims are processed promptly and transparently to build trust.
The Commissioner also acknowledged the efforts of the CIIN in organising the Insurance Week, describing it as a timely initiative that will deepen public engagement and drive greater participation in the insurance sector.
鈥淭his week is not just a celebration, it鈥檚 a call to action,鈥 he said. 鈥淔rom Lagos to Abuja, Port Harcourt to Kano, we are seeing growing interest and participation in insurance awareness campaigns. This momentum must continue.鈥
He specially praised the leadership of the 52nd President of CIIN, Mrs. Yetunde Olubunmi Ilori, for her commitment to promoting professionalism and public education in the industry. According to him, her efforts were instrumental in bringing the 2025 Insurance Week to life.
Earlier on Saturday, industry professionals, including CIIN members, had taken to the streets of Lagos to kick off the event with an awareness walk. The walk attracted participation from brokers, underwriters, regulators, and young professionals in the insurance industry.
Mrs. Ilori, while addressing participants during the walk, said the event was more than just tradition. 鈥淭his awareness walk is more than just a tradition; it is a movement that reflects our commitment to demystify insurance, promote trust in the industry, and connect with the public in relatable ways,鈥 she said.
She added that the week-long event focuses on professionalism, education, and youth empowerment. According to her, these are the key areas needed to reposition insurance as a vital tool in Nigeria鈥檚 long-term growth plan.
The 2025 Insurance Week is expected to feature panel discussions, workshops, training sessions, and exhibitions鈥攁ll geared toward increasing awareness and promoting innovation within the insurance sector.