NAICOM emphasizes risk management relevance to national devt
National Insurance Commission
The Commissioner for Insurance, Olusegun Omosehin, has underscored the pivotal role of risk management in Nigeria’s national development.
Omosehin highlighted the critical need for robust risk management frameworks as Nigeria navigates complex socio-economic challenges, including climate change, cyber threats, and public health emergencies.
He noted that the lack of structured risk mitigation has been a major hindrance to Nigeria’s growth, affecting everything from business continuity to socio-economic stability.
“The insurance industry, under the regulatory oversight of the National Insurance Commission (NAICOM), plays a central role in fostering a resilient risk management culture,” Omosehin said.
Speaking at Risk Management Society of Nigeria’s event in Lagos, he emphasized that insurance mechanisms, such as risk transfer, not only provide financial safety nets but also promote stability, investment, and innovation.
As Nigeria continues its economic recovery journey, Omosehin outlined how the National Insurance Commission is working to enhance the ability of insurers to underwrite risks while ensuring the protection of policyholders. He also highlighted efforts to increase insurance penetration in underserved communities, ensuring that risk mitigation efforts are inclusive and equitable.
The Commissioner encouraged stakeholders, including private and public institutions, to collaborate and deepen their commitment to advancing risk management practices in line with the nation’s developmental aspirations.
“Risk management should not be seen as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development, and public policy,” he added, reinforcing the need for a forward-looking and strategic approach.
