NAICOM Launches Strengthening Programme to Transform Insurance Landscape

Ebere Nwoji The National Insurance Commission ( NAICOM) recently launched the Insurance Sector Strengthening Programme (ISSP), describing it as a landmark initiative designed to accelerate the transformation of Nigeria’s insurance landscape and position the sector as a more inclusive, innovative, resilient, and trusted contributor to national development. The Commissioner for Insurance, Mr Ayo Omosehin, in his welcome address at the launch of the initiative said the initiative was built around six critical pillars of advocacy and poolicy, awareness and education, capacity building, gender inclusion, youth engagement, and MSME and value chain development. According to him, the initiative offers a comprehensive framework for advancing the growth and sustainability of the insurance sector. “Its focus on awareness and education is particularly timely. Insurance uptake is directly linked to public understanding and trust. No insurance market can flourish where consumers do not appreciate insurance as a practical tool for financial protection and risk management. Through targeted campaigns, stakeholder education, and innovative communication approaches, the ISSP aims to strengthen insurance culture and improve financial literacy among Nigerians”, he stated. He further said the initiative also emphasis on capacity building, noting that the future competitiveness of Nigerian insurance industry depended on the quality of its human capital. According to him, as technologies evolve and customer expectations change, insurance professionals must continue to develop the skills and competencies required for excellent service delivery. He informed that the proposed training and professional development initiatives would strengthen technical expertise, professionalism, and performance across the insurance value chain. “I am also pleased that the programme prioritises gender inclusion and youth participation. No sector can achieve sustainable growth when large segments of society remain underserved or underrepresented. Women are a significant economic force, while young people represent the future of our nation and our industry. Bringing these groups into the mainstream of insurance through tailored products, innovative engagement, and career development opportunities will expand market reach and enhance the sector’s relevance,” he stated. The insurance commissioner also said the programme further acknowledged the central role of Micro, Small, and Medium Enterprises in national economic development. He said MSMEs drive employment, innovation, and productivity, yet many operate without adequate risk protection. He noted that stab viewed expanding insurance access for this segment will promote business resilience, economic stability, and long-term enterprise growth.