The National Insurance Commission (NAICOM), in partnership with the Insurance Sector Strengthening Programme (ISSP), has launched an initiative aimed at increasing insurance penetration, promoting financial inclusion and strengthening innovation in Nigeria’s insurance industry.
The programme, launched on Thursday, is designed to address challenges including low insurance awareness, limited access to insurance products, capacity gaps, weak distribution channels and lack of consumer confidence.
The Commissioner for Insurance, Olusegun Omosehin said the ISSP would provide a structured framework for transforming the sector into a more inclusive, innovative, resilient and trusted contributor to Nigeria’s economic development.
The initiative, he added is built around six key pillars: advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and Micro, Small and Medium Enterprises (MSMEs) and value-chain development.
According to the Commissioner, improving public awareness and understanding of insurance is critical to increasing uptake, as many Nigerians remain uninsured or underinsured despite the size of the country’s economy.
He said the programme will support targeted awareness campaigns, stakeholder education and innovative communication strategies aimed at improving financial literacy and strengthening public confidence in insurance.
The NAICOM Boss also stressed the importance of developing human capital within the industry, noting that insurance professionals must acquire new skills as technology and customer expectations continue to evolve.
Omosehin said the ISSP would support training and professional development initiatives to improve technical expertise, professionalism and service delivery across the insurance value chain.
The programme also places emphasis on women and young people, with NAICOM saying greater participation by both groups would help expand the reach and relevance of insurance products.
Similarly, the initiative seeks to improve insurance access for MSMEs, which play a major role in employment, innovation and productivity but often operate without adequate risk protection.
NAICOM said expanding insurance coverage among MSMEs would strengthen business resilience and support long-term enterprise growth.
The commissioner further said the ISSP aligns with the objectives of the Nigeria Insurance Industry Reform Agenda 2025, particularly in the areas of insurance penetration, professionalism, innovation, consumer protection and economic development.
He, however, warned that increased market expansion must not come at the expense of regulatory discipline, solvency, transparency and consumer protection.
The commissioner expressed confidence that sustained implementation of the programme could transform insurance into a stronger instrument for economic resilience, social protection, wealth creation and national development.