The National Insurance Commission (NAICOM) has explained that its ongoing reforms are driven by the urgent need to protect consumers, boost innovation, ensure stronger financial foundations for insurers, and make insurance more accessible to millions of Nigerians currently outside the safety net.

Speaking during the Insurance Week 2025 celebration, Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, said the reforms are focused on four main objectives: strengthening consumer protection, promoting digital innovation, ensuring capital adequacy and sound governance, and expanding insurance access to underserved communities.

“The future of Nigeria depends on how well we manage risk,” Omosehin said. “Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.”

According to the Commissioner, the drive for reform is rooted in the belief that a well-regulated, inclusive, and innovative insurance industry is critical to national development. He said NAICOM aims to create an industry that can better serve citizens across social and economic classes, provide reliable support in times of need, and help businesses and households manage everyday risks.

While the Commission is leading the reforms, Omosehin stressed that lasting impact requires shared responsibility across the sector. “We cannot do it alone. We need every stakeholder—insurers, brokers, agents, and professionals—to uphold the highest standards of ethics, service, and professionalism,” he said.

He also outlined practical steps insurance operators must take to support the reform goals. These include educating the public on the benefits of insurance, designing products that address the needs of people in both formal and informal sectors, ensuring claims are processed promptly and transparently, and investing in talent and technology to build public trust.

Speaking at the Insurance Week celebrations, Omosehin described it as a call to deepen awareness about the value of insurance across Nigeria. “From Lagos to Abuja, Port Harcourt to Kano, we are seeing growing interest and participation in insurance awareness campaigns. This momentum must continue,” he noted.

He urged all operators to renew their commitment to building an insurance industry that meets the real needs of Nigerians and supports the country’s broader economic and social goals. “Insurance is not a luxury; it is a necessity,” Omosehin concluded.

By driving these reforms, NAICOM said it aims to reposition the industry to better protect Nigerians, promote innovation, and help the country manage risk more effectively in an increasingly uncertain world. (The Nation)