Omosehin Canvasses All Inclusive Insurance Adoption

The Commissioner for Insurance and Chief Executive Officer at the National Insurance Commission (NAICOM), Mr Segun Omosehin has advocated for an all-inclusive adoption of insurance by Nigerians saying it bridges the nation’s gap for financial stability.

Omosehin, who decried the low in­surance penetration of less than one percent despite a population of over 200 million people, is leading the charge to change this narrative, advocating for greater adoption of insurance as a re­liable safety net compared to medical crowd funding and other informal fi­nancial support systems.

In a recent interview on Channels Television’s News Night, the NAICOM boss highlighted the immense potential of Nigeria’s insurance sector, which according to him, is experiencing dou­ble-digit growth.

Noting significant barriers for in­surance growth due to cultural norms, lack of awareness, and public mistrust, Omosehin maintained that these factors have been hindering its widespread adoption.

“For many Nigerians, when emer­gencies arise, the default response is to seek financial support from family, friends, or community groups. While this may seem effective, it’s an unsus­tainable burden. Imagine contributing ₦50,000 multiple times a year for differ­ent causes—if that same amount were invested in an insurance policy, it would provide broader and more reliable cov­erage,” Omosehin explained.

On the need for reform and consumer protection, Omosehin emphasized the importance of the ongoing 2024 Insur­ance Reform Bill, which, once passed, would enhance regulatory oversight and consumer protection. He reassured Ni­gerians that NAICOM is enforcing strict­er compliance measures to ensure insur­ance companies honor claims promptly.