The National Insurance Commission (NAICOM) says stronger reforms, improved public awareness, and customer-focused innovation are essential to deepening trust and accelerating growth in Nigeria’s insurance industry.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, made the call at the opening of the 2026 Insurance Week in Nigeria. He was represented by the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon.
Omosehin described Insurance Week as a key platform for reflection, engagement, and strategic review of the industry’s progress, adding that it has become more than a ceremonial event but a space to address challenges and strengthen the sector.
He noted that low insurance penetration in Nigeria remains a major concern, largely driven by poor public understanding of insurance products and benefits. According to him, operators must adopt more relatable and sustained awareness campaigns to improve public confidence.
The NAICOM boss urged insurance firms to shift from product-driven operations to customer-centred models, where clients are actively involved in product design and service delivery. He stressed the need for simpler documentation, faster claims processing, and greater transparency to rebuild trust in the industry.
Omosehin also highlighted the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a major milestone expected to strengthen regulation, improve corporate governance, enhance consumer protection, and stabilise the insurance market.
He explained that the Act also introduces a Policyholders’ Protection Fund, designed to safeguard customers in cases where insurance companies face financial distress or insolvency.
The Commissioner further emphasised the role of technology in expanding insurance access, improving efficiency, and reducing service gaps, while warning that innovation must be guided by strong cybersecurity and ethical standards.
He called on insurers, brokers, agents, and policymakers to sustain ongoing reforms through collaboration, accountability, and continuous innovation.
Omosehin expressed optimism that with the right reforms and public engagement, Nigeria’s insurance sector could become a strong driver of economic growth, financial stability, and national development.
