By Taiye Olayemi
The National Insurance Commission (NAICOM) has urged insurance stakeholders to unite in using technology to deepen rural insurance penetration across Nigeria.
Mr Olusegun Omosehin, NAICOM’s Commissioner for Insurance, made the call on Wednesday at the 2025 Business Day Insurance Conference in Lagos.
The conference was themed: ‘Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry’.
Omosehin was represented by Mr Ekerete Ola Gam-Ikon, NAICOM’s Deputy Commissioner for Finance and Administration.
He stressed the need for collaboration among insurers, regulators, and policymakers to foster growth within the insurance industry.
Omosehin proposed three strategies to deepen rural penetration: innovate for inclusion; enhance regulatory systems; and promote an insurance culture.
He said, “Technology must be leveraged to reach the underserved in rural areas, informal sectors, and younger populations.
“Microinsurance, digital platforms, and inclusive products should shape our future approach.
“As we grow, we must build accountable systems that use data, protect consumers, and prioritise transparency.
“True penetration means cultural adoption. Insurance must be seen as a tool for stability, not a burden.”
He urged stakeholders to unite for a future where every Nigerian can confidently say, “I am covered.”
The Commissioner highlighted insurance as vital to building national resilience in uncertain times.
He said, “The conference’s theme is timely, reflecting today’s risks and emerging opportunities.
“This event shows our shared commitment to advancing Nigeria’s insurance industry in a complex world.”
He noted the sector faces challenges like geopolitical instability, climate risks, digital shifts, and economic changes.
“Still, one thing is clear – insurance plays a crucial role in national resilience,” he stated.
He added, “All stakeholders must act. This industry touches all sectors and is the largest employer in Nigeria.”
Omosehin outlined NAICOM’s regulatory efforts and its partnerships with government and industry to increase insurance reach.
Mr Tayo Fagbule, Editor at BusinessDay Media Ltd., said the conference aimed to push penetration beyond 1 per cent.
He said the industry must become a cornerstone of economic stability, inclusive growth, and development.
“Through this platform, we seek ideas that will become impactful policies, products, and partnerships,” Fagbule stated.
Meanwhile, Rosetta Aryeetey of Leadway Assurance Plc stressed demystifying insurance to boost public understanding and awareness. (NAN) (www.nannews.ng)
Edited by Kamal Tayo Oropo
