Insure or risk all— NAICOM boss warns

Barbara Bako, Abuja

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has urged Nigerians to embrace insurance as a national shield against rising risks...

Speaking at the maiden edition of Insurance Week 2025, themed “Insurance for All: Securing Nigeria’s Future,” held on Monday in Lagos, warned that Nigeria cannot afford to ignore the vital role of insurance in national development and personal security.

Omosehin declared, “This week is not just a celebration it’s a call to action. We must ignite a nationwide conversation about the power of insurance.”

He emphasized that in a world beset by economic shocks, disasters, and uncertainties, insurance offers the most reliable protection for individuals, businesses, and the government.

“In today’s fast-changing world, risks are everywhere economic shocks, natural disasters, health crises, and more. These uncertainties can disrupt lives and derail national progress. Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience,” he said.

According to him, without insurance, Nigeria’s economy remains dangerously exposed.

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“Without insurance, our economy would be more vulnerable, and our people less secure,” he said.

The NAICOM boss reinforced the theme of the event as both timely and essential.

Omosehin applauded the Chartered Insurance Institute of Nigeria (CIIN) for championing the cause of insurance education and advocacy.