NAICOM Launches Insurance Sector Strengthening Programme To Deepen Coverage, Build Trust

The National Insurance Commission (NAICOM) has launched the Insurance Sector Strengthening Programme (ISSP), a new initiative aimed at expanding insurance coverage, improving public confidence and positioning the industry as a stronger contributor to Nigeria’s economic development.

Commissioner for Insurance, Olusegun Ayo Omosehin, unveiled the programme on Thursday, September 3, 2026, in Abuja, describing it as a landmark intervention to make Nigeria’s insurance sector more inclusive, innovative, resilient and trusted.

Omosehin said the programme was necessary because insurance penetration in Nigeria remained significantly below the country’s economic potential, with many Nigerians still uninsured or underinsured.

He identified limited public understanding, lack of trust, capacity gaps and fragmented distribution channels as some of the challenges holding back the sector.

The commissioner, however, said the challenges also presented opportunities for innovation, stronger coordination and deeper engagement among industry stakeholders.

According to him, the ISSP is built around six key pillars: Advocacy and Policy; Awareness and Education; Capacity Building; Gender Inclusion; Youth Engagement; and MSME and Value Chain Development.

Omosehin said greater public awareness and education would be central to the programme because insurance uptake depends largely on consumers understanding its value as a tool for financial protection and risk management.

He also stressed the importance of strengthening human capital, saying insurance professionals must continually develop their skills as technology and customer expectations evolve.

The programme’s focus on women and young people, he added, would help bring previously underserved groups into the mainstream of the insurance market through tailored products, innovative engagement and career development opportunities.

On micro, small and medium enterprises, Omosehin said expanding insurance coverage for MSMEs would strengthen business resilience, protect jobs and support long-term enterprise growth.

He said the ISSP also aligns with the objectives of the Nigeria Insurance Industry Reform Agenda (NIIRA 2025), particularly in deepening insurance penetration, improving professionalism, promoting innovation, strengthening consumer protection and increasing the sector’s contribution to economic growth.

The NAICOM boss, however, warned that market expansion must go hand in hand with strong regulation and consumer protection.

He said the next phase of insurance growth must be anchored on responsible underwriting, adequate capitalisation, sound corporate governance, transparent operations and prompt settlement of genuine claims.

“Innovation will be encouraged, but not at the expense of consumer protection. Market expansion will be supported, but not at the expense of solvency, transparency, or public trust,” Omosehin said.

He also urged insurance operators to embrace digital transformation, noting that technology was changing how financial services were designed, distributed and consumed.

According to him, the adoption of digital platforms, insurtech solutions and data-driven approaches would make the Nigerian insurance market more competitive and responsive to changing customer expectations.

Omosehin identified trust as the ultimate foundation for sustainable growth in the industry, saying it must be earned through transparency, timely claims settlement, ethical conduct, effective regulation and consistent delivery of value to policyholders.

He called for stronger collaboration among regulators, insurers, intermediaries, technology providers, development partners, professional bodies, educational institutions and the media to ensure the success of the ISSP.

The commissioner said NAICOM would continue to provide policy direction and regulatory oversight while supporting initiatives that promote the healthy growth of the insurance sector.

He expressed optimism that sustained commitment and strategic partnerships could transform insurance from an underutilised financial service into a major instrument for economic resilience, social protection, wealth creation and national development.

He described the launch of the ISSP as the beginning of a new chapter for the Nigerian insurance industry, to be defined by innovation, inclusion, collaboration, professionalism, trust and regulatory discipline