Lagos: The National Insurance Commission (NAICOM) has called on insurance stakeholders to collaborate in leveraging technology to enhance insurance penetration in rural areas across Nigeria.
According to News Agency of Nigeria, Mr. Olusegun Omosehin, NAICOM’s Commissioner for Insurance, highlighted this initiative during the 2025 Business Day Insurance Conference in Lagos. The conference was focused on the theme ‘Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry’. Represented by Mr. Ekerete Ola Gam-Ikon, NAICOM’s Deputy Commissioner for Finance and Administration, Omosehin emphasized the importance of cooperation among insurers, regulators, and policymakers to foster growth within the industry.
Omosehin proposed three strategies to improve rural insurance penetration: innovating for inclusion, enhancing regulatory systems, and promoting an insurance culture. He stated that technology should be utilized to reach underserved populations in rural areas, informal sectors, and among younger demographics. He advocated for the future approach to be shaped by microinsurance, digital platforms, and inclusive products.
He emphasized the need for building accountable systems that use data, protect consumers, and prioritize transparency, stating that true penetration involves cultural adoption of insurance as a tool for stability. Omosehin urged stakeholders to work towards a future where every Nigerian can confidently claim insurance coverage.
Highlighting the crucial role of insurance in building national resilience during uncertain times, Omosehin remarked that the conference’s theme aptly reflects current risks and emerging opportunities. He acknowledged challenges faced by the sector, including geopolitical instability, climate risks, digital transformations, and economic changes, but reiterated the essential role of insurance in national resilience.
Omosehin outlined NAICOM’s regulatory efforts and partnerships with government and industry to expand insurance reach. Mr. Tayo Fagbule, Editor at BusinessDay Media Ltd., expressed the conference’s aim to extend insurance penetration beyond 1 per cent, emphasizing the industry’s role as a cornerstone of economic stability, inclusive growth, and development.
Meanwhile, Rosetta Aryeetey of Leadway Assurance Plc highlighted the importance of demystifying insurance to improve public understanding and awareness, stressing that this initiative is vital for the industry’s advancement.