NAICOM Chief: The Future of Nigeria Depends on How We Manage Risks

Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) at Insurance Week 2025.

Distinguished Guests, Industry Leaders, Colleagues, Ladies and Gentlemen

It is a great honour to welcome you to the inaugural edition of Insurance Week—a landmark event designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development. 

Why Insurance Matters

In today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more. These 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.

Without insurance, our economy would be more vulnerable, and our people less secure. That’s why this year’s theme, “Insurance for All: Securing Nigeria’s Future,” is both timely and essential. 

A Call to National Awareness

This week is not just a celebration—it’s a call to action. We must ignite a nationwide conversation about the power of insurance. From Lagos to Abuja, Port Harcourt to Kano, we are seeing growing interest and participation in insurance awareness campaigns. This momentum must continue.

We thank the Chartered Insurance Institute of Nigeria (CIIN) for leading this charge and for organizing this historic event. Special recognition goes to Mrs. Yetunde Olubunmi Ilori, the 52nd President of CIIN, whose leadership and dedication have been instrumental in bringing this vision to life. 

Insurance and National Development

The future of Nigeria depends on how well we manage risk. Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.

At NAICOM, we are committed to building a strong, inclusive, and globally respected insurance industry. We are driving reforms to:

  • Strengthen consumer protection
  • Promote digital innovation
  • Ensure capital adequacy and sound governance
  • Expand access to underserved communities

But we cannot do it alone. We need every stakeholder—insurers, brokers, agents, and professionals—to uphold the highest standards of ethics, service, and professionalism. 

What We Must Do

To truly secure Nigeria’s future, we must:

  • Educate the public on the benefits of insurance
  • Develop products that meet the needs of all Nigerians—urban and rural, formal and informal
  • Ensure prompt and transparent claims processing
  • Invest in talent and technology to drive innovation and trust 

Conclusion: A Shared Responsibility

As we mark this Insurance Week, let us renew our commitment to building an industry that serves the people and supports national development. Let us use every platform—media, schools, communities, and workplaces—to spread the message: Insurance is not a luxury; it is a necessity.

Together, we can build a future where every Nigerian is protected, and our economy is stronger and more resilient.

 Thank you, and I wish you a productive and inspiring Insurance Week.

 Long live the Insurance Industry.

 Long live the Federal Republic of Nigeria.

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