NAICOM Targets 10% Insurance Penetration by 2031

The National Insurance Commission (NAICOM) unveiled the Insurance Sector Strengthening Programme (ISSP) in Abuja, aiming to raise Nigeria's insurance penetration from 0.5% to 10% of Gross Domestic Product (GDP) by 2031. This five-year initiative, developed in collaboration with industry stakeholders, seeks to address challenges such as low public awareness, weak consumer confidence, and limited access to insurance, particularly for women, youths, and Micro, Small and Medium Enterprises (MSMEs).

Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive of NAICOM, emphasized the need for measurable improvements in coverage and consumer confidence. The programme will focus on six pillars: advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and MSME development.

Omosehin also highlighted the importance of digitalization in expanding the industry and improving accessibility. He urged insurance operators to enhance underwriting, governance, and claims administration while maintaining a commitment to policyholder protection and market stability.