By Bassey Udo
The National Insurance Commission (NAICOM) has reaffirmed its commitment to deepening insurance awareness, protecting businesses and strengthening investor confidence in Nigeria.
The Commissioner for Insurance and Chief Executive of NAICOM, Mr. Olusegun Omosehin, stated this at the official unveiling of the Nigerian Council of Registered Insurance Brokers (NCRIB) Insurance Awareness and Penetration Initiative at the 2026 NCRIB CEOs’ Retreat held in Umuahia, Abia State.
Omosehin, who led a high-level industry delegation to the event, described the initiative as both timely and strategic, noting that Abia State — with its solid history of enterprise, manufacturing and commercial energy — was a fitting launchpad for a project designed to bring the benefits of insurance to every Nigerians.
“Insurance is far more than a financial product,” Mr. Omosehin told the gathering of chief executives, policymakers and industry leaders. “It is protection. It is confidence. It is peace of mind. It provides a structured mechanism through which individuals, families, businesses and governments can recover from unforeseen events and financial disruptions.”
The Commissioner however said that for insurance to fulfil its purpose, public understanding must come first.
“People need to know what insurance is, how it works, the types of protection available, and their rights and responsibilities as policyholders,” he said, adding that education and enlightenment were therefore indispensable to the sector’s growth.
For the people of Abia State in particular, the Commissioner outlined the practical impact the initiative could deliver — guiding traders in Aba and entrepreneurs in Umuahia to protect their shops and goods, informing transport operators on appropriate motor insurance coverage, encouraging property owners to safeguard their assets, and supporting farmers, artisans, small and medium enterprises (SMEs) and market traders in managing risks such as fire, accidents, theft and business interruption.
Articulating NAICOM’s broader agenda, Mr. Omosehin declared: “Our vision is to foster a stronger, more inclusive and more responsive insurance sector — one that is trusted by the public and aligned with national economic objectives.”
He emphasized the benefits of insurance as not only the preservation of large corporations or government institutions, but also relevant to traders, transporters, artisans, students and families.
“The economic engine of any nation,” he said, “is powered by the resilience provided by insurance.”
He urged all stakeholders to ensure the initiative’s messaging remained simple, practical and people-centred, calling for outreach to markets, transport unions, religious centres, educational institutions and communities, with communications delivered in local languages and accessible formats.
The Commissioner also used the occasion to commend insurance brokers for their role as trusted professional advisers within the insurance value chain, describing their participation as critical at a time when improving insurance literacy is a national priority.
Besides, he applauded the NCRIB-led initiative as a demonstration of the “One Insurance Industry” spirit — a collective commitment to serving the Nigerian public.
Mr. Omosehin called for actions to ensure long-term impact in the sector, pointing out that the true success of the initiative would not be measured by the retreat alone, but by the number of people who become better informed, the businesses that adopt stronger risk management practices, and the extent to which insurance becomes an integral part of everyday life.
Ahead of the retreat, Mr. Omosehin led the delegation to visit Abia State Governor, Dr. Alex Otti, where they had discussions on strategic collaboration to safeguard economic activities, mitigate risks and enhance investor confidence across the state.
During the meeting the Commissioner briefed the Governor and his Executive Council on the newly established Insurance Policyholders’ Protection Fund (IPPF), instituted under the provisions of NIIRA2025, designed to ensure prompt and equitable settlement of valid claims, thereby reinforcing consumer trust and market stability.
Responding, Otti commended NAICOM’s leadership for measurable progress in the sector and pledged his administration’s full support in advancing insurance awareness and economic resilience in Abia State and beyond.
The Commissioner’s delegation comprised the Deputy Commissioner (Finance and Administration), Mr. Ekerete Ola Gam-Ikon, alongside presidents and senior executives from the NCRIB, the Nigerian Insurers Association (NIA), the Chartered Insurance Institute of Nigeria (CIIN) and the Institute of Loss Adjusters of Nigeria (ILAN).
