By Mariam Abeeb
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, has called for a stronger, more resilient and technology-driven insurance industry capable of supporting Nigeria’s economic transformation and sustainable development.
Omosehin made the call in Abeokuta, Ogun State, while delivering the keynote address at the 2026 Insurance Professionals’ Forum organised under the theme, “The Economics of Risk: Sustaining a Resilient Insurance Industry.”
He said the rapidly changing risk environment, characterised by economic volatility, climate change, technological disruption, cyber threats, demographic shifts and geopolitical uncertainties, required the industry to rethink traditional approaches to risk management.
According to him, insurance is more than a financial service, describing it as a strategic instrument for economic stability and an institutional mechanism for transforming uncertainty into confidence and vulnerability into resilience.
He noted that effective insurance supports investment, entrepreneurship, capital formation, financial stability and economic growth, stressing that sectors such as agriculture, infrastructure, energy and international trade could not develop sustainably without adequate insurance protection.
The NAICOM boss said Nigeria’s insurance industry was currently at a critical point in its development, particularly following the enactment and implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
He explained that the reform had ushered in higher expectations, stronger institutions, enhanced regulatory oversight and greater emphasis on policyholder protection.
Omosehin said the Commission’s regulatory approach was anchored on policyholder protection, financial soundness, corporate governance, improved market conduct, innovation, insurance inclusion and market stability.
He described recapitalisation as a key component of the reform agenda, noting that its objective went beyond raising financial thresholds to strengthening insurers’ capacity to retain larger risks, settle claims efficiently, invest in technology and talent, and participate in major national projects.
He stressed that trust remained the most valuable asset in the insurance industry, as policyholders paid premiums based on the expectation that valid claims would be honoured in the future.
He therefore urged insurers and other industry stakeholders to prioritise ethical leadership, transparency, accountability, sound governance, fair market conduct and prompt claims settlement.
He also noted that the establishment of the Insurance Policyholders’ Protection Fund under NIIRA 2025 provided an additional safety net for policyholders in situations involving insurer distress.
On technology, the Commissioner urged insurers to embrace artificial intelligence, machine learning, predictive analytics, blockchain, geospatial intelligence and digital platforms to improve underwriting, claims management, fraud detection, customer engagement and risk assessment.
He said the future of the industry would increasingly favour adaptive and innovative institutions rather than simply the largest players.
Omosehin also called for greater investment in human capital, saying the growing complexity of modern risks required insurance professionals with expertise spanning actuarial science, economics, finance, data analytics, cybersecurity, climate risk, governance and enterprise risk management.
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