Insurance a necessity for national development, say NAICOM, CIIN

Insurance a necessity for national development, say NAICOM, CIIN

The Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has called for a nationwide embrace of insurance as a critical tool for national resilience and economic growth.

Speaking at the opening of the inaugural Insurance Week 2025, themed “Insurance for All: Securing Nigeria’s Future”, in Lagos on Monday, Omosehin emphasized the vital role of insurance in mitigating risk and safeguarding Nigeria’s future.

He described the event as more than a celebration, stating, “It is a call to action, a national awakening to the importance of insurance in everyday life.”

He highlighted how economic shocks, disasters, and health crises continue to pose threats to national development, asserting that insurance remains the most effective buffer against these risks.

Commending the Chartered Insurance Institute of Nigeria (CIIN) and its President, Mrs. Yetunde Olubunmi Ilori, for championing this national initiative, the Commissioner reaffirmed NAICOM’s commitment to industry reform.

These include improving consumer protection, fostering digital innovation, strengthening governance, and expanding access to underserved communities.

He called on all industry stakeholders, insurers, brokers, agents, and professionals to commit to public education, inclusive product design, prompt claims processing, and continuous investment in talent and technology.

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“As we mark Insurance Week, let us spread the message: insurance is not a luxury, it is a necessity,” Mr. Omosehin said.

He urged collaboration across sectors to ensure every Nigerian is protected and the nation’s economy becomes more resilient.

Mrs. Ilori described the initiative as a defining moment and strategic milestone in the Institute’s journey toward industry transformation.

Anchored on the EPIC Agenda—Education, Professionalism, Institutional Recognition, and Capacity Building—the President emphasized that this inaugural event specifically highlighted the pillars of education and institutional recognition.

It aimed to bridge the insurance literacy gap and celebrate excellence within the profession through education-driven programmes and credible awards.

The president credited the conception and execution of the Insurance Week to collaborative efforts across the industry, with notable leadership from some past CIIN presidents.

The week featured events such as an Innovation Hackathon, unveiling of a new mascot “Niko”, and a nationwide series of industry-focused activities.

Calling on clients and the public for active engagement, the President reaffirmed CIIN’s commitment to transparency and innovation.

With over N622 billion in claims paid in 2024, the Institute pledges to do more, stressing that the success of Insurance Week 2025 marks only the beginning of a renewed and dynamic insurance future in Nigeria.

The Insurance Week 2025 continues with nationwide activities and stakeholders’ engagements.

Insurance a necessity for national development, say NAICOM, CIIN