The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Ayo Omosehin, has called for stronger reforms, increased public awareness, and customer-focused innovations to deepen trust and drive sustainable growth in Nigeria’s insurance sector.
The Commissioner who was represented by the Deputy Commissioner for Insurance, Finance, and Administration, Mr. Ekerete Ola Gam-Ikon. made this known in his address at the opening ceremony of the 2026 Insurance Week.
He described Insurance Week as a critical platform for engagement, reflection, and collaboration, noting that the event has evolved beyond ceremony into a strategic avenue for assessing industry progress, addressing challenges, and renewing commitment to a more resilient and inclusive insurance ecosystem.
The NAICOM boss stressed that public awareness remains fundamental to the success of the insurance industry, emphasizing that without understanding and trust, sustainable growth cannot be achieved.
He noted that low insurance penetration in Nigeria is largely driven by inadequate public understanding of insurance products, processes, and benefits, urging operators to rethink communication strategies through relatable, targeted, and sustained awareness campaigns.
Omosehin also challenged insurers to transition from product-centric models to customer-centric systems by involving clients in product development and designing solutions that align with real-life needs.
According to him, simplifying insurance documentation, improving transparency, and ensuring efficient claims processes are essential to rebuilding public confidence and strengthening the industry’s credibility.
He further described the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a major milestone that would enhance corporate governance, strengthen regulatory oversight, improve consumer protection, and create a more robust insurance market.
Omosehin highlighted the Insurance Policyholders’ Protection Fund under the Act as a critical safety net that would protect policyholders even in cases of insurer insolvency, thereby reinforcing trust in the sector.
He also underscored the growing importance of technology in expanding access, improving operational efficiency, and bridging socio-economic gaps, while stressing the need for responsible innovation that prioritizes cybersecurity, ethical standards, and inclusiveness.
The Commissioner urged all stakeholders, including insurers, brokers, agents, and policymakers, to sustain reform momentum through continuous collaboration, innovation, and accountability.
He concluded that Nigeria’s insurance industry holds immense potential as a catalyst for economic growth and national development, calling for collective action to build an inclusive, innovative, and globally competitive insurance sector.
