BY NGOZI ONYEAKUSI


The National Insurance Commission (NAICOM) has launched the Insurance Sector Strengthening Programme (ISSP), a strategic initiative aimed at transforming Nigeria’s insurance industry into a more inclusive, innovative, resilient and trusted contributor to national development.

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, disclosed this on Thursday, September 3, 2026, at the official launch of the programme in Abuja.

Omosehin said the initiative was designed to accelerate the transformation of Nigeria’s insurance landscape while addressing some of the major challenges limiting the growth and development of the sector.

According to him, despite Nigeria’s large and growing economy, insurance penetration remains significantly below its potential, with many Nigerians still uninsured or underinsured.

He also identified limited public understanding of insurance products and benefits, trust issues, capacity gaps and fragmented distribution channels as some of the factors constraining industry growth.
The Commissioner said opportunities among women, youths and small businesses had also not been fully harnessed, stressing that the challenges confronting the sector should serve as a call for innovative solutions, stronger coordination and deeper stakeholder engagement.

He explained that the ISSP was structured around six critical pillars: Advocacy and Policy; Awareness and Education; Capacity Building; Gender Inclusion; Youth Engagement; and MSME and Value Chain Development.

Omosehin said the awareness and education component of the programme was particularly important because insurance uptake was directly linked to public understanding and trust.

“No insurance market can flourish where consumers do not appreciate insurance as a practical tool for financial protection and risk management,” he stated.

He said the programme would deploy targeted campaigns, stakeholder education and innovative communication approaches to strengthen insurance culture and improve financial literacy among Nigerians.
On capacity building, the Commissioner said the competitiveness of the insurance industry depended largely on the quality of its human capital.

He noted that insurance professionals must continuously develop their skills and competencies as technology evolves and customer expectations change.

According to him, proposed training and professional development initiatives under the ISSP would strengthen technical expertise, professionalism and performance across the insurance value chain.

Omosehin also highlighted the programme’s focus on women and young people, describing women as a significant economic force and youths as the future of the nation and the insurance industry.

He said bringing both groups into the mainstream of insurance through tailored products, innovative engagement and career development opportunities would expand market reach and improve the sector’s relevance.

The Commissioner further stressed the importance of Micro, Small and Medium Enterprises (MSMEs), noting that while they drive employment, innovation and productivity, many businesses operate without adequate risk protection.

He said expanding insurance access to MSMEs would promote business resilience, economic stability and long-term enterprise growth.

Omosehin said the ISSP was also 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 national economic growth.

He, however, warned that innovation and market expansion must not come at the expense of consumer protection, solvency, transparency and public trust.

“As regulator, NAICOM will continue to create an enabling environment for innovation, but this commitment must be matched by strict adherence to prudential standards, ethical conduct, fair treatment of customers, and timely settlement of genuine claims,” he said.

He further stated that 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.

The Commissioner said NAICOM would continue to engage, support and guide industry operators, while insisting that every operator must earn public confidence through compliance, professionalism and service excellence.

He also called for greater adoption of digital transformation, saying the integration of digital platforms, insurtech solutions and data-driven approaches would help position the Nigerian insurance market for greater competitiveness in an increasingly digital economy.

According to him, trust remains the foundation of every successful insurance market and can only be earned through transparency, timely claims settlement, ethical conduct, strong regulation and consistent delivery of value.

He urged regulators, insurers, intermediaries, technology providers, development partners, professional bodies, educational institutions and the media to work together to strengthen the relationship between the insurance industry and the Nigerian public.
“The future of insurance in Nigeria is a shared responsibility,” Omosehin said.

He expressed confidence that with sustained commitment, strategic partnerships and collective action, insurance could be transformed from an underutilised financial service into a powerful instrument for economic resilience, social protection, wealth creation and national development.

He assured stakeholders of NAICOM’s continued support for initiatives aligned with its mandate of protecting policyholders, ensuring market stability and promoting the healthy growth of the insurance sector.

The Commissioner said the launch of the ISSP should mark the beginning of a new chapter for the Nigerian insurance industry, defined by innovation, inclusion, collaboration, professionalism, trust and regulatory discipline.