NAICOM launches ISSP to drive inclusion, innovation, professionalism

By Mariam Abeeb

The National Insurance Commission (NAICOM) has launched the Insurance Sector Strengthening Programme (ISSP), a strategic initiative aimed at transforming Nigeria’s insurance industry through greater inclusion, innovation, professionalism and consumer confidence.

The programme, unveiled as part of efforts to reposition the sector for sustainable growth, is designed to address longstanding challenges including low insurance penetration, limited public awareness, inadequate capacity, fragmented distribution channels and trust deficits.

Speaking at the official launch, the Commissioner of Insurance , Olusegun Omosehin said the initiative represents a critical step in translating insurance sector reform objectives into measurable outcomes and ensuring that insurance becomes a more effective contributor to Nigeria’s economic development.

According to the CFI , its mandate as the regulator extends beyond market supervision to protecting policyholders, preserving market stability, enforcing sound market conduct and promoting the orderly development of the industry.

He stressed that sustainable growth could not be achieved through regulation alone, noting that transparency, accountability, consumer confidence, professional competence and collaboration among stakeholders were equally essential.

The Commissioner identified Nigeria’s large and growing economy as evidence of the significant untapped potential in the insurance market, despite the sector’s relatively low penetration.

He noted that many Nigerians remain uninsured or underinsured, while opportunities to expand insurance coverage among women, young people and small businesses remain largely untapped.

Rather than viewing these challenges solely as constraints, NAICOM said they should serve as a catalyst for innovative solutions, stronger industry coordination and deeper stakeholder engagement.

The ISSP is structured around six key pillars: Advocacy and Policy; Awareness and Education; Capacity Building; Gender Inclusion; Youth Engagement; and MSME and Value Chain Development.

NAICOM boss said the focus on awareness and education was particularly important because increased insurance uptake depends significantly on public understanding and trust.

The CFI also placed strong emphasis on human capital development, saying the competitiveness of the insurance industry would depend largely on the quality and capabilities of its workforce.

Omosehin said training and professional development under the ISSP would strengthen technical expertise, professionalism and service delivery across the insurance value chain, particularly as technology and customer expectations continue to evolve.

Gender inclusion and youth participation are also central to the programme, the NAICOM boss stressed that sustainable industry growth cannot be achieved while significant segments of the population remain underserved or underrepresented.

The CFI said greater participation by women and young people through tailored insurance products, innovative engagement strategies and career development opportunities would broaden the market and improve the sector’s relevance.

The programme also recognises the importance of Micro, Small and Medium Enterprises (MSMEs), which NAICOM described as major drivers of employment, innovation and productivity in the Nigerian economy.

He noted that many MSMEs operate without adequate insurance protection, leaving them vulnerable to risks that could threaten their survival and growth.

Expanding insurance coverage for MSMEs, CFI said, would strengthen business resilience, economic stability and long-term enterprise development.

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

The CFI , however, warned that efforts to expand the market must be accompanied by strong regulatory discipline.

He said operators would be expected to maintain prudential standards, uphold ethical conduct, treat customers fairly and ensure the 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,” NAICOM stated.

The regulator emphasised that the next phase of insurance development must be anchored on responsible underwriting, adequate capitalisation, robust corporate governance, transparent operations and measurable value for policyholders.

Digital transformation also featured prominently in the programme, as NAICOM boss acknowledged the growing influence of technology on the way financial services are designed, distributed and consumed.

The Commission boss said the integration of digital platforms, insurtech solutions and data-driven approaches through the ISSP would help make Nigeria’s insurance industry more competitive and responsive to changing customer expectations.

Beyond market expansion, he identified public trust as the ultimate foundation for a successful insurance industry.

According to him, trust must be earned through transparency, timely claims settlement, ethical conduct, effective regulation and consistent delivery of value to policyholders.

The Commission boss called for collaboration among regulators, insurance companies, intermediaries, technology providers, development partners, professional bodies, educational institutions, consumers and the media to ensure the success of the programme.

The CFI said the regulator would provide policy direction and oversight, while industry operators would be expected to develop innovative products and expand distribution channels. Professional bodies, development partners and educational institutions would also play critical roles in strengthening standards, providing technical support and developing future talent.

Omosehin expressed confidence that sustained collaboration and collective action could transform insurance from an underutilised financial service into a stronger instrument for economic resilience, social protection, wealth creation and national development.

The Commission boss commended the promoters and partners of the ISSP for their commitment to strengthening the Nigerian insurance industry and pledged continued regulatory support for initiatives aligned with its mandate of protecting policyholders, ensuring market stability and promoting healthy sector growth.

He said the launch should mark the beginning of a new chapter for Nigeria’s insurance industry—one driven by innovation, inclusion, collaboration, professionalism, trust and regulatory discipline.