Lagos: National Insurance Commission (NAICOM) has called for a proactive, data-driven, and forward-looking risk management approach to boost national development. Mr. Olusegun Omosehin, Commissioner for Insurance, made the call during the Risk Managers Society of Nigeria’s (RIMSON) 40th-anniversary celebrations on Wednesday in Lagos. The theme of the program was ‘Risk Management in Nigeria: Evaluating the Impact and Relevance to National Development’.
According to News Agency of Nigeria, Omosehin urged stakeholders to be committed to advancing risk management practices that align with Nigeria’s development aspirations. He emphasized the importance of viewing risk management not as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development, and public policy. Omosehin encouraged stakeholders to deepen collaboration, share insights, and commit to advancing risk management practices that align with Nigeria’s development goals, which he believes will contribute to building a more resilient, secure, and prosperous nation.
Omosehin noted that risk management could be regarded as one of the cornerstones of sustainable development. He highlighted that in today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks is central to national resilience and progress. He pointed out that Nigeria’s lack of structured risk mitigation has hampered growth, evident from business disruptions to the socio-economic consequences of climate-related disasters, cyber threats, and public health emergencies.
He further explained that the insurance industry, under the regulatory oversight of NAICOM, plays a pivotal role in fostering a robust risk management culture in Nigeria. He mentioned that through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment, and innovation. Omosehin stated that NAICOM’s regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholders are protected. Furthermore, he emphasized the commission’s efforts to expand insurance penetration, particularly among underserved communities, to ensure that risk mitigation is inclusive and equitable.