By Mariam Abeeb
The National Insurance Commission (NAICOM) says long-term financial planning and risk management are crucial for securing a comfortable retirement.
Its Chief Executive Officer, Mr Olusegun Omosehin, said this during the 2025 edition of Inspenonline Retirement Summit, in Lagos.
Omosehin, who was represented by Mr Julius Odidi, Lagos Director of NAICOM, said individuals must prioritise early planning and saving for their retirement to ensure financial stability and security in their golden years.
The theme of the summit is “Attaining Good Retirement Amid Economic Headwinds”.
The Commissioner for Insurance said that financial planning was essential due to growing complexities retirees face in an era defined by inflationary pressures, market volatility, and shifting demographic patterns.
He said, “The reality today is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings.
“These economic headwinds are not merely statistics, they represent the lived experiences of millions of our citizens. As regulators, insurers, pension administrators, and policymakers, we must rise to this challenge with innovation, empathy, and resilience
“From the insurance sector’s perspective, retirement planning must be rooted in long-term financial protection and risk management.
“Products such as annuities, life insurance, and retirement savings plans are not just financial instruments, they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and align with the evolving needs of our aging population.”
According to Omosehin, the economic headwinds confronting retirees could be surmounted through coordinated action, strategic foresight, and trust in financial instruments, institutions and systems.
He said to navigate the period effectively, policy alignment and regulatory reforms must be focused on.
He noted that product relevance and accessibility as well as financial literacy and consumer empowerment must also be priotised.
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