BY NKECHI NAECHE-ESEZOBOR—Nigerian Insurance industry regulator, the National Insurance Commission (NAICOM), on Thursday in Abuja launched the Insurance Sector Strengthening Programme (ISSP), a new initiative aimed at accelerating the transformation of the industry and Nigeria in general.
The Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Ayo Omosehin, disclosed this today in Abuja during the official unveiling, he said the programme responds to persistent challenges facing the sector, including low insurance penetration despite Nigeria’s large economy, widespread underinsurance, limited public awareness of insurance products, and untapped opportunities among women, youth, and small businesses.
According to him, the ISSP is built around six pillars: Advocacy and Policy, Awareness and Education, Capacity Building, Gender Inclusion, Youth Engagement, and MSME and Value Chain Development.
He noted that the programme places strong emphasis on public education and financial literacy, arguing that insurance uptake is closely tied to consumer trust and understanding.
He further highlighted plans for professional training to strengthen technical expertise across the industry, alongside targeted efforts to bring more women and young people into the insurance space through tailored products and career opportunities.
He said the initiative would extend risk protection to Micro, Small, and Medium Enterprises (MSMEs), which he described as key drivers of employment and economic productivity but currently underserved by insurance.
The Commissioner linked the ISSP to the broader Nigeria Insurance Industry Reform Agenda (NIIRA 2025), stating that it supports goals such as deepening penetration, enhancing professionalism, strengthening consumer protection, and increasing the sector’s contribution to economic growth.
While pledging NAICOM’s continued support for innovation, Omosehin stressed that growth must be matched by strict adherence to prudential standards, transparency, and prompt claims settlement, adding that market expansion would not be permitted at the expense of solvency or public trust.
He described the launch as the beginning of a new chapter for insurance in Nigeria, one built on collaboration among regulators, operators, professional bodies, development partners, and the media to expand access and rebuild public confidence in the sector.
