The National Insurance Commission (NAICOM) has launched a new Insurance Sector Strengthening Programme (ISSP) aimed at bringing more Nigerians into the insurance net, particularly women, youths and Micro, Small and Medium Enterprises (MSMEs).
The initiative, unveiled in Abuja on Thursday, is designed to tackle the country’s low insurance penetration and reposition the sector as a stronger contributor to economic growth through improved awareness, inclusion, capacity building and innovation.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, said the programme became necessary because insurance uptake in Nigeria remained far below the potential of the country’s large and growing economy.
He identified poor public understanding of insurance, low consumer confidence, capacity gaps and fragmented distribution channels as major factors limiting the growth of the sector.
Omosehin noted that a large number of Nigerians remained uninsured or underinsured, while opportunities to extend coverage to women, young people and small businesses had not been fully explored.
He said the challenges should be viewed as opportunities to develop innovative solutions and strengthen collaboration among stakeholders.
According to him, the ISSP is built around six key pillars: Advocacy and Policy; Awareness and Education; Capacity Building; Gender Inclusion; Youth Engagement; and MSME and Value Chain Development.
The Commissioner said public education would be central to the programme, stressing that Nigerians must understand insurance as a practical tool for financial protection and risk management.
He said NAICOM would deploy targeted campaigns, stakeholder education and innovative communication strategies to promote insurance awareness and improve financial literacy among Nigerians.
Omosehin also stressed the importance of strengthening human capital in the industry, noting that rapid technological changes and evolving customer expectations required insurance professionals to continually upgrade their skills.
He said training and professional development programmes under the ISSP would enhance technical expertise, professionalism and service delivery across the insurance value chain.
The NAICOM boss said women and youths would be deliberately targeted under the programme, describing them as critical to expanding the reach and relevance of insurance in the country.
He explained that tailored products, innovative engagement strategies and career development opportunities would help bring more women and young people into the insurance ecosystem.
Omosehin also highlighted the vulnerability of MSMEs to business risks, noting that many small businesses operate without adequate insurance protection despite their significant contribution to employment, innovation and productivity.
He said increased insurance coverage for MSMEs would strengthen their resilience, promote economic stability and support long-term business growth.
The Commissioner said the ISSP was aligned with the objectives of the Nigeria Insurance Industry Reform Agenda (NIIRA 2025), particularly efforts to deepen insurance penetration, promote professionalism and innovation, strengthen consumer protection and increase the sector’s contribution to economic development.
He reaffirmed NAICOM’s commitment to protecting policyholders, maintaining market stability, enforcing sound market conduct and promoting the orderly development of the insurance industry.
Omosehin, however, stressed that regulation alone could not deliver sustainable growth, saying collaboration, innovation, transparency, accountability, consumer confidence and professional competence were equally critical.
He said the ISSP would provide a platform for regulators, insurers, intermediaries, technology providers, development partners and consumers to work together to build a stronger, more inclusive and accessible insurance market in Nigeria.
