By Nkechi Eze
The National Insurance Commission, NAICOM, has assured that it is leveraging technology to ensure that the underserved have adequate insurance coverage.
The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, gave this assurance at the BusinessDay Insurance Industry conference held in Lagos
“We must leverage technology to extend coverage to the underserved, those in rural communities, the informal sector, and among the youth. Microinsurance, digital platforms, and inclusive product design must define our new frontier,” he said.
He said the theme of the conference, “Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry”, could not be more timely or relevant than the commission. Navigate an era marked by both unprecedented risks and emerging opportunities.
He added, “This gathering reflects our collective commitment to advancing Nigeria’s insurance industry amid an increasingly complex and uncertain global environment.
“We are at a time when our industry, like many others, is grappling with heightened uncertainty, ranging from geopolitical instability and climate-related disasters to rapid digital transformation and fluctuating economic indicators.
“Yet, amid this fog of unpredictability, one constant remains: the critical role insurance plays in building national resilience.
“As the insurance industry regulatory institution, the National Insurance Commission (NAICOM) has, over the past year, demonstrated visionary leadership and a proactive posture.
“We have not only regulated but also catalysed transformation. Through intensified engagement with stakeholders, insurers, brokers, agents, policyholders, and policymakers, we have fostered greater transparency, deeper collaboration, and a stronger sense of shared responsibility.”
He said one of our most commendable strides has been in forging stronger alliances with government institutions and industry stakeholders.
These partnerships, he added, have been instrumental in deepening insurance penetration across critical sectors of the economy.
He said, “Through collaboration with the Federal Road Safety Corps (FRSC), Nigerian Police Force (NPF), Federal Fire Service, and others, NAICOM has significantly strengthened the enforcement of compulsory insurances, including motor third-party insurance, insurance of public buildings, and group life insurance.
“These efforts have led to improved compliance and an expanded pool of insured Nigerians, ensuring that the protective umbrella of insurance now reaches further than ever before.
“Let me be clear: the enforcement of compulsory insurance is not merely a regulatory mandate–it is a social imperative. Today, more Nigerians are covered. More properties are insured. More lives are protected. This is a trend we must not only sustain but also scale.
“Through digital verification systems, public awareness campaigns, and nationwide field monitoring, NAICOM is making non-compliance increasingly difficult.
“Compliance is no longer optional; it is the cornerstone of our collective credibility.”
