BY NGOZI ONYEAKUSI

CFI, NAICOM, Olusegun Omosehin

 

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has identified the importance of risk management to national development and sustainability.

In his Goodwill Message at the 40th anniversary celebration of the Risk Managers Society of Nigeria (RIMSON) with the theme “Risk Management In Nigeria – Evaluating The Impact And Relevance To National Development,” in Lagos yesterday, the NAICOM boss highlighted the importance of risk management to national growth and resilience.

While emphasizing the need for a proper risk management framework that guarantees national growth and sustainability to be put in place, he also warned against the consequence of a lack of a structured risk mitigating mechanism.

He reaffirmed the pivotal role of NAICOM in fostering a robust risk management culture in Nigeria even as he underscored the need for collaboration among stakeholders in the sector.

“Risk management is one of the cornerstones of sustainable development. In today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks is central to national resilience and progress.

“In Nigeria, we have witnessed how the lack of structured risk mitigation has hampered growth, from business disruptions to the socio-economic consequences of climate-related disasters, cyber threats, and public health emergencies.

“The insurance industry, under the regulatory oversight of the National Insurance Commission, plays a pivotal role in fostering a robust risk management culture in Nigeria. Through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment, and innovation.

“Our regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholders are protected. We are also working to expand insurance penetration, particularly among underserved communities, so that risk mitigation is inclusive and equitable.

“As we evaluate the impact of risk management on national development, we must embrace a proactive, data-driven, and forward-looking approach. 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.

“ I encourage all stakeholders present to deepen collaboration, share insights, and commit to advancing risk management practices that align with Nigeria’s development aspirations. Together, we can build a more resilient, secure, and prosperous nation,” Mr. Omosehin assured.