The National Insurance Commission has said that Nigeria’s future depends on its ability to manage uncertainties effectively.
This was stated on Monday by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, at the opening ceremony of the inaugural Insurance Week held in Lagos.
The Insurance Week, organised by the Chartered Insurance Institute of Nigeria, is designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development.
Speaking at the event, Omosehin said, “The future of Nigeria depends on how well we manage risk. Every decision, whether by individuals, businesses, or the government, carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future. At NAICOM, we are committed to building a strong, inclusive, and globally respected insurance industry. We are driving reforms to strengthen consumer protection, promote digital innovation, ensure capital adequacy and sound governance, and expand access to underserved communities.
“But we cannot do it alone. We need every stakeholder, insurers, brokers, agents, and professionals, to uphold the highest standards of ethics, service, and professionalism.
“To truly secure Nigeria’s future, we must educate the public on the benefits of insurance, develop products that meet the needs of all Nigerians, urban and rural, formal and informal, ensure prompt and transparent claims processing, and invest in talent and technology to drive innovation and trust.”
Highlighting the role of insurance in managing uncertainties, the Commissioner for Insurance said that in today’s fast-changing world, risks abound, from economic shocks to natural disasters, health crises, and more.
“These uncertainties can disrupt lives and derail national progress. Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience. Without insurance, our economy would be more vulnerable, and our people less secure. That’s why this year’s theme, ‘Insurance for All: Securing Nigeria’s Future,’ is both timely and essential,” he said.
Commending the CIIN for organising the week, Omosehin added, “This week is not just a celebration, it’s a call to action. We must ignite a nationwide conversation about the power of insurance. From Lagos to Abuja, Port Harcourt to Kano, we are seeing growing interest and participation in insurance awareness campaigns. This momentum must continue.
“We thank the Chartered Insurance Institute of Nigeria for leading this charge and for organising this historic event. Special recognition goes to Mrs. Yetunde Olubunmi Ilori, the 52nd President of CIIN, whose leadership and dedication have been instrumental in bringing this vision to life.”
CIIN and other stakeholders in the insurance industry took to the streets of Lagos on Saturday to kick off the 2025 Insurance Week.
During the walk, the President/Chairman of Council, CIIN, emphasised the intent of the initiative, saying it was aimed at deepening insurance penetration.
She said, “This awareness walk is more than just a tradition; it is a movement that reflects our commitment to demystify insurance, promote trust in the industry, and connect with the public in relatable ways. This year’s Insurance Week is themed around deepening professionalism, fostering education, and empowering the next generation, and this walk is a powerful start to those conversations.”
