Nigeria’s maiden Insurance Week concludes with grand celebration, awards, reform advocacy

Abdullateef Fowewe

The inaugural Insurance Week, a landmark event in Nigeria’s insurance industry, has successfully concluded after a series of nationwide activities aimed at raising awareness and empowering citizens on the importance of insurance.

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The week-long celebration featured awareness walks, school visits, market outreaches, and a youth-focused innovation challenge. It culminated in a grand finale held at the State National Stadium in Lagos.

The Grand Finale and Award Ceremony, organised by the Chartered Insurance Institute of Nigeria (CIIN), took place on Friday evening at the Paradise Event Arena in Yaba, Lagos State.

Speaking at the Insurance Week Gala Night, the Commissioner for Insurance, Olusegun Omosehin—represented by Dr. Julius Odidi, a director at the National Insurance Commission (NAICOM), highlighted the critical role of insurance in national security and economic stability.

“From Lagos to Abuja, we are seeing growing interest and participation in insurance awareness campaigns throughout the week. The amplification of these efforts nationwide is thanks to every one of you,” the Commissioner said.

Emphasising the importance of sustaining this momentum, he added, “Without insurance, our economy will be more vulnerable and our people less secure.”

In closing, the Commissioner issued a call to action: “I hope we remain vibrant beyond this week as we continue to amplify insurance awareness nationwide. Thank you very much.”

During the event, the Ogun State Ministry of Education received the State Recognition Award for recording the highest number of student enrolments in Insurance during the 2024 West African Senior School Certificate Examination (WASSCE).

Okeleye Olarotimi accepted the award on behalf of Professor Abayomi Adelaja Arigbabu, Ogun State Commissioner for Education, Science, and Technology.

In his remarks, Arigbabu expressed deep appreciation to the CIIN for the prestigious award, stating, “This award is not just a plaque; it is a powerful testimony to what is possible when a government commits to educational innovation, career diversity, and future-forward thinking.”

He described the promotion of Insurance as a subject in schools as more than an academic initiative, saying, “Insurance is not only a subject—it is a life skill. It teaches risk management, financial literacy, and responsible citizenship—values that Ogun State is proud to embed in its curriculum.”

Arigbabu credited the success to the dedication of teachers, the enthusiasm of students, and collaboration with stakeholders like the CIIN, affirming the government’s commitment to strengthening the link between education and industry.

“Tonight’s event is more than a celebration—it is a clarion call to continue building bridges between education and industry,” he concluded.

The event also featured the grand finale of the highly anticipated insurance-based quiz competition, which attracted enthusiastic participants eager to demonstrate their knowledge of the sector.

Winners received significant cash prizes:

The third runner-up was awarded N750,000 in recognition of their strong performance.

The second runner-up received N1 million for demonstrating advanced knowledge and quick thinking.

The first runner-up, who exhibited exceptional expertise throughout the competition, won the grand prize of N1.5 million.

CIIN President, Yetunde Ilori, reiterated the institute’s commitment to initiatives that promote learning and engagement within the insurance sector.

She thanked the Commissioner for Insurance and other stakeholders for their unwavering support, noting, “This event was organised in just a week, and their continuous backing made it achievable.”

Ilori highlighted the significance of the occasion, stating, “This is the first time we are having Insurance Week in the history of the insurance industry.”

She explained that the initiative was designed to reach the grassroots and spotlight the critical role of insurance in the national economy.

“The goal is to create awareness about insurance. Many people still don’t fully understand what insurance is,” she said.

Ilori stressed the necessity of protecting what people value through insurance, stating, “Whatever you treasure, you need to protect with insurance. Insurance is, in fact, the backbone of any nation’s economy.”

In closing, she appealed to the Federal Government and President Bola Tinubu to support necessary legislative reforms:
“We urge the Federal Government to assent to our proposed law so that we can implement the reforms needed to transform the entire economy.”