NAICOM launches Insurance Sector Strengthening Programme to deepen penetration
From left: Mr. Victor Inedu, Special Assistant to the Chairman, Senate Committee on Banking, Insurance and other financial institutions: Mrs. Funmike Soji-Nuga, rep of Canadian High Commission:Mr. Olusegun Ayo Omosehin, CFI: Dr. Kola Adesina, GMD Sahara Energy Group: Mrs. Bukola Ifemade (ISSP Coordinator): Mrs. Ekeoma Ezeibe, President of NCRIB: Mr. Ekerete Ola Gam-Ikon, DCFA
Nike Popoola
The National Insurance Commission (NAICOM) has launched the Insurance Sector Strengthening Programme (ISSP), a strategic initiative aimed at transforming Nigeria’s insurance industry, deepening penetration and rebuilding public confidence in the sector.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, disclosed this on Thursday in Abuja at the official launch of the programme, describing the ISSP as a landmark initiative designed to make the industry more inclusive, innovative, resilient and responsive to the needs of Nigerians.
According to him, despite the size and growth of the Nigerian economy, insurance penetration remains significantly below its potential, with many citizens still uninsured or underinsured.
He identified limited public understanding of insurance products, trust concerns, capacity gaps and fragmented distribution channels as some of the factors constraining the industry’s growth.
Omosehin said the challenges presented opportunities for stakeholders to develop innovative solutions and strengthen coordination to unlock the potential of the Nigerian insurance market.
He explained that the ISSP was structured around six critical pillars: Advocacy and Policy; Awareness and Education; Capacity Building; Gender Inclusion; Youth Engagement; and Micro, Small and Medium Enterprises (MSME) and Value Chain Development.
The commissioner stressed that public awareness and education would be critical to increasing insurance uptake, noting that consumers were more likely to embrace insurance when they understood its value as a tool for financial protection and risk management.
He also emphasised the importance of strengthening human capital in the sector, saying insurance professionals must continuously develop their skills as technology and customer expectations evolve.
Omosehin said the programme’s focus on women and young people would help bring underserved groups into the mainstream of insurance through tailored products, innovative engagement and career development opportunities.
He added that expanding insurance coverage among MSMEs would strengthen business resilience, economic stability and long-term enterprise growth, given the critical role of the businesses in employment creation, innovation and productivity.
The commissioner said the ISSP aligned with the objectives of the Nigeria Insurance Industry Reform Agenda (NIIRA 2025), particularly in the areas of insurance penetration, professionalism, innovation, consumer protection and the sector’s contribution to economic growth.
He assured that while NAICOM would continue to support innovation, operators would be required to adhere strictly to prudential standards, ethical conduct, fair treatment of customers and prompt settlement of genuine claims.
“The next phase of insurance growth in Nigeria must be anchored on responsible underwriting, adequate capitalization, robust governance, transparent operations, prompt claims settlement, and measurable value to policyholders,” he said.
Omosehin further called for greater adoption of digital platforms, insurtech solutions and data-driven approaches to improve the competitiveness and accessibility of insurance services.
He said the ultimate objective of the programme was to build trust, describing it as the foundation of every successful insurance market.
The commissioner urged regulators, insurers, intermediaries, technology providers, development partners, professional bodies, educational institutions and the media to work together to achieve the objectives of the ISSP.
He expressed confidence that sustained commitment and collaboration could transform insurance into a stronger instrument for economic resilience, social protection, wealth creation and national development.
