NAICOM, NCRIB launch insurance penetration initiative in Abia State
Governor Alex Otti, the CFI and the NCRIB President
Nike Popoola
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, has called for stronger collaboration between the insurance industry and the Abia State Government to boost insurance awareness, economic resilience, and protection of businesses and public assets.
Speaking at the 2026 CEOs’ Retreat of the Nigerian Council of Registered Insurance Brokers and the unveiling of the NCRIB Insurance Awareness and Penetration Project in Umuahia, Omosehin described insurance as a critical tool for safeguarding livelihoods, businesses, and investments against unforeseen risks.
He commended the Executive Governor of Abia State, Alex Otti, for hosting the event and supporting initiatives aimed at improving the welfare and economic security of residents.
According to him, the selection of Abia State as the pilot location for the awareness campaign was strategic, given the state’s reputation for enterprise and manufacturing, particularly in Aba, which has long been recognised as one of Nigeria’s leading commercial and industrial hubs.
Omosehin noted that insurance awareness remains essential for traders, transport operators, farmers, artisans, small and medium-sized enterprises, professionals, and families. He said greater understanding of insurance products would encourage individuals and businesses to protect their assets against risks such as fire, accidents, theft, illness, and business interruption.
The NAICOM chief stressed that an informed public would make better financial decisions, while adequately protected businesses would be more resilient during periods of economic uncertainty.
He reiterated NAICOM’s commitment to building a more inclusive and responsive insurance sector, emphasizing that insurance should not be viewed as a service reserved for large corporations but as a necessity for every Nigerian.
Omosehin also urged stakeholders to take insurance education to markets, transport unions, schools, religious centres, and business clusters using simple, practical messages and local languages where necessary.
He further encouraged the Abia State Government to explore partnerships with the insurance industry in areas such as compulsory insurance enforcement, protection of public infrastructure, and state-backed loan and poverty alleviation schemes.
He said the success of the initiative would ultimately be measured by increased insurance participation, improved risk management practices, and stronger public trust in the insurance industry.
