By LOVETH AZODO, Lagos
The Commissioner for Insurance and Chief Executive of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin has emphasized the pivotal role of the insurance industry’s financial stability in driving Nigeria towards the projected $1 trillion economy by 2030.
He stressed this during the 9th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos on Tuesday, themed: “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors.”
Represented by the Head of Corporate Affairs at NAICOM, Mr. Abba Halil Inuwa, Omosehin stressed the importance of adequate capitalization aligned with insurers’ risk profiles for the sector’s growth and sustainability. He noted that leveraging technology to improve insurance accessibility is essential to the industry’s contribution toward achieving the $1 trillion economic goal.
“The insurance sector must adopt consolidated financial solutions and one-stop shops to remain relevant in the rapidly evolving economic landscape,” Omosehin said. “NAICOM is committed to creating an environment that strengthens the capacity of insurance institutions, ensuring the industry’s stability and ability to meet its obligations.”
Omosehin acknowledged that the conference’s theme aligns with the insurance sector’s vision to significantly support President Bola Ahmed Tinubu’s economic ambitions.
He underscored insurance’s role as a key financial sector player, mobilizing savings, managing risk, promoting financial stability, creating jobs, and supporting long-term infrastructure projects.
To bolster these objectives, Omosehin highlighted several initiatives NAICOM has implemented to enhance the sector’s competitiveness and robustness. These include policyholder protection, strengthening supervisory functions, improving industry safety, fostering innovation, and increasing accessibility and penetration of insurance services.
“Our collective focus must remain on fulfilling obligations to policyholders,” he noted, stressing the importance of prompt claims settlement in fostering trust and growth in the market.
Omosehin commended NAIPE for its role in shaping a positive image of the insurance sector and the broader financial industry, expressing appreciation for their efforts to promote financial literacy. “Your contributions are invaluable, and I believe pension and insurance editors can further collaborate to enhance public understanding of financial planning, insurance, and investment.”
In his remarks, the event’s chairman, former Commissioner for Insurance and Founding Coordinator of FBS Reinsurance Limited, Mr. Fola Daniel, emphasized the timeliness of the conference theme.
He described it as a critical moment for reflection, innovation, and collaboration in the insurance sector.
Daniel praised NAIPE’s growth over the past decade and its commitment to improving public understanding of the insurance and pension industries. He called on editors to maintain accuracy in their reporting and to prioritize accessible, clear communication to help counter misinformation.
The conference drew key stakeholders from the insurance and pension sectors, including retirees and university students, all seeking to explore the evolving roles of these industries in Nigeria’s economic landscape.
