NAICOM Launches Programme to Transform Insurance Sector

The National Insurance Commission (NAICOM) launched the Insurance Sector Strengthening Programme (ISSP) to enhance Nigeria's insurance landscape. Commissioner for Insurance, Mr Ayo Omosehin, described the ISSP as a landmark initiative aimed at making the insurance sector more inclusive, innovative, resilient, and trusted.

The programme is structured around six pillars: advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and MSME and value chain development. Omosehin emphasized the importance of public understanding and trust in insurance for market growth, highlighting the need for targeted campaigns and education to improve financial literacy.

He noted that the initiative prioritizes capacity building to ensure the insurance workforce adapts to evolving technologies and customer expectations. Additionally, the programme aims to include women and youth in the insurance sector, recognizing their potential as economic contributors.

It also acknowledges the role of MSMEs in economic development, advocating for expanded insurance access to enhance business resilience and growth.