NAICOM: Insurance Key to Nigeria's Economic Stability

At the 2026 Insurance Professionals Forum in Abeokuta, Ogun State, the National Insurance Commission (NAICOM) Commissioner for Insurance, Mr Olusegun Omosehin, articulated that insurance serves as a strategic instrument for economic stability. He explained that the Nigeria Insurance Industry Reform Act (NIIRA) 2025 has ushered in a new phase for the sector, characterized by enhanced regulatory oversight and a commitment to policyholder protection.

Omosehin highlighted the importance of effective risk management, stating that without it, investments decline and economic growth is hindered. He noted that insurance facilitates productive activities by enabling risk transfer and mobilizing long-term savings.

Omosehin pointed out that various sectors, including agriculture and infrastructure, rely on insurance for sustainable development. He also identified the significant opportunity in expanding insurance penetration across Nigeria, as millions remain uninsured or underinsured, which poses both a challenge and an opportunity for economic resilience and social stability.