Insurance key to economic growth, investor confidence — NAICOM

Barbara Bako, Abuja.

The National Insurance Commission (NAICOM) has stressed the importance of insurance in driving economic growth, protecting businesses and boosting investor confidence, describing insurance awareness as essential for sustainable development.

Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, stated this in Umuahia, Abia State, during the 2026 CEOs’ Retreat of the Nigerian Council of Registered Insurance Brokers (NCRIB) and the unveiling of the NCRIB Insurance Awareness and Penetration Initiative.

Omosehin said insurance serves as a critical safety net for individuals, families, businesses and governments by providing protection against financial losses arising from unforeseen events.

He noted that increased insurance literacy would enable citizens and businesses to make informed financial decisions, strengthen resilience during crises and contribute to economic stability.

“In such a dynamic environment, insurance awareness is not optional, it is essential,” he said.

The NAICOM chief explained that greater understanding of insurance would help traders, entrepreneurs, transport operators, property owners, farmers, artisans and small business owners protect their investments and livelihoods against risks such as fire, accidents, theft, illness and business interruption.

According to him, when businesses are adequately protected, they are better positioned to survive economic shocks, while effective risk management helps create a more stable environment for investment and growth.

Omosehin described Abia State as an ideal location for the launch of the insurance awareness initiative, citing its strong entrepreneurial culture and reputation as a hub for manufacturing and commerce, particularly in Aba.

He said the initiative would help deepen public understanding of insurance and expand access to insurance services across communities in the state.

Read also:NEMA lists 178 kano communities at flood risk in 2026

The commissioner reiterated NAICOM’s commitment to building a more inclusive and responsive insurance sector that is trusted by Nigerians and aligned with national economic priorities.

“Our message is clear: insurance is for everyone. It is not limited to large corporations or government institutions. It is equally relevant to traders, transporters, artisans, farmers, small business owners, professionals, landlords, tenants, students and families,” he said.

He urged stakeholders to take insurance education beyond formal events and into markets, schools, transport hubs, religious centres and local communities to ensure wider public engagement.

Omosehin also commended NCRIB for championing the awareness campaign, expressing confidence that the initiative would increase insurance participation and strengthen public trust in the industry.

The NCRIB Insurance Awareness and Penetration Initiative aims to expand insurance knowledge among Nigerians and encourage greater adoption of insurance products, with Abia State serving as the pilot location.