By Abiodun Folarin
WorldStage– The National Insurance Commission (NAICOM), has launched the Insurance Sector Strengthening Programme (ISSP), a strategic initiative aimed at deepening insurance penetration, rebuilding public trust and expanding coverage to underserved segments of the Nigerian economy.
The Commissioner for Insurance, Mr. Olusegun Omosehin, who spoke at the official launch of the programme in Abuja on Thursday, said the initiative was designed to make the insurance industry more inclusive, innovative, resilient and responsive to the needs of Nigerians.
According to him, despite the size and growth of the Nigerian economy, insurance penetration remains significantly below its potential, with many Nigerians either uninsured or underinsured.
He identified limited public understanding of insurance, trust deficit, capacity gaps and fragmented distribution channels as some of the major constraints to the growth of the sector.
Omosehin, however, said the challenges presented opportunities for stakeholders to deploy innovative solutions and strengthen collaboration to unlock the potential of the country’s insurance market.
He said the ISSP would focus on six key pillars: Advocacy and Policy; Awareness and Education; Capacity Building; Gender Inclusion; Youth Engagement; and Micro, Small and Medium Enterprises (MSMEs) and Value Chain Development.
The Commissioner said greater public awareness and education were critical to increasing insurance uptake, noting that consumers must understand insurance as a practical tool for financial protection and risk management.
He added that the capacity building component of the programme would strengthen technical expertise, professionalism and service delivery across the insurance value chain as technology and customer expectations continue to evolve.
Omosehin said “the programme’s focus on women and youths was aimed at bringing significant but underserved segments of the population into the mainstream of insurance through tailored products, innovative engagement and career development opportunities.
He also stressed the importance of MSMEs to the economy, noting that many small businesses operate without adequate risk protection despite their contribution to employment, innovation and productivity.
According to him, expanding insurance access to MSMEs would improve business resilience, economic stability and long-term enterprise growth.
He said, “the ISSP was 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 increased contribution of the sector to economic growth.
He stated that while NAICOM would continue to create an enabling environment for innovation, operators must adhere strictly to prudential standards, ethical conduct, transparency and prompt settlement of genuine claims.
“Market expansion will be supported, but not at the expense of solvency, transparency, or public trust,” Omosehin said.
He noted that the next phase of insurance growth in Nigeria must be anchored on responsible underwriting, adequate capitalization, robust corporate governance, transparent operations and measurable value to policyholders.
The Commissioner also highlighted the growing importance of digital transformation in the financial services industry, saying insurance operators must embrace digital platforms, insurtech solutions and data-driven approaches to remain competitive.
He maintained that beyond market expansion, the ultimate objective of the reform programme was to rebuild public confidence in insurance.
“Trust is the foundation of every successful insurance market,” he said, stressing that it could only be earned through transparency, timely claims settlement, ethical conduct, effective regulation and consistent delivery of value to policyholders.
Omosehin described the ISSP as a platform for regulators, insurers, intermediaries, technology providers, development partners and consumers to collaborate towards a stronger insurance industry.
He said the future of the sector was a shared responsibility, with the regulator providing policy direction and oversight, operators developing innovative products, professional bodies strengthening standards, development partners providing technical support, educational institutions nurturing talent and the media promoting public awareness.
He expressed confidence that sustained collaboration and strategic partnerships could transform insurance from an underutilised financial service into an instrument for economic resilience, social protection, wealth creation and national development.
The Commissioner assured stakeholders of NAICOM’s continued support for initiatives that promote policyholder protection, market stability and sustainable growth of the insurance industry.
He said the launch of the ISSP should mark the beginning of a new chapter for insurance in Nigeria, defined by innovation, inclusion, professionalism, trust and regulatory discipline.
