The National Insurance Commission (NAICOM) has called on industry players to develop insurance policies that improve public perception and drive sector growth in Nigeria. Commissioner for Insurance, Olusegun Omosehin, made this appeal during the investiture of Yetunde Ilori as the 52nd President of the Chartered Insurance Institute of Nigeria (CIIN).
Addressing widespread scepticism among Nigerians towards insurance policies, Omosehin emphasized the need for attractive and hard-to-reject People’s Perception Policies (PPP). He urged underwriters to extend their offerings beyond corporate-focused products, suggesting innovative policies like single ladies’ insurance, single men’s insurance, and lost income insurance.
“Women tend to want to get divorced; moreover, life is so unpredictable; this will help to compensate for the inevitable financial consequences that accompany challenges from such directions,” Omosehin noted.
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He highlighted the sector’s ambitious N16 trillion total asset base target for 2030, emphasizing the need to harness the industry’s untapped potentials. Omosehin pointed out that many risks in Nigeria still lack adequate insurance coverage and criticized the industry for not flooding the market with sufficient risk covers, a factor contributing to its underutilization.
The commissioner revealed that less than one percent of Nigerian housewives have insurance coverage, despite the industry’s near-century presence. He urged industry operators to avoid unhealthy competition and called for greater inclusivity, inviting young professionals and members of the Diaspora to participate in the sector’s growth.
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In her speech, Ilori committed to building a robust and resilient insurance industry that aligns with Nigeria’s broader economic goals. She echoed the call for Diaspora members to contribute to the industry’s development.
