By Onu Okorie
National Insurance Commission NAICOM has launched the Insurance Sector Strengthening Programme ISSP, a comprehensive initiative aimed at transforming Nigeria’s insurance industry through greater inclusion, innovation, capacity development, and public trust.
Speaking at the official launch in Abuja, Olusegun Ayo Omosehin, Commissioner for Insurance, described the programme as a landmark intervention designed to accelerate the growth of the insurance sector and position it as a stronger contributor to national development.
According to the Commissioner, despite Nigeria’s large and expanding economy, insurance penetration remains significantly below its potential. He noted that many Nigerians remain uninsured or underinsured, while limited public awareness, trust concerns, capacity gaps, and ineffective distribution channels continue to hinder industry growth.
The ISSP has been structured around six key pillars: Advocacy and Policy, Awareness and Education, Capacity Building, Gender Inclusion, Youth Engagement, and MSME and Value Chain Development. The programme is intended to provide a strategic framework for advancing the sustainability and competitiveness of the insurance industry.
Omosehin emphasized the importance of increasing public understanding of insurance, noting that insurance uptake is closely linked to consumer awareness and confidence. Through targeted campaigns and educational initiatives, the programme aims to strengthen insurance culture and improve financial literacy among Nigerians.
He also highlighted the programme’s focus on building industry capacity through training and professional development initiatives designed to enhance technical expertise, professionalism, and service delivery across the insurance value chain.
The Commissioner commended the programme’s commitment to gender inclusion and youth participation, describing women and young people as critical drivers of economic growth whose engagement would help expand insurance access and deepen market penetration.
Additionally, the ISSP seeks to improve insurance coverage for Micro, Small and Medium Enterprises (MSMEs), which the Commissioner described as vital contributors to employment, innovation, and economic productivity. Expanding insurance access for the sector, he said, would strengthen business resilience and support long-term economic growth.
The programme aligns with the Nigeria Insurance Industry Reform Agenda (NIIRA 2025), supporting priorities such as increased insurance penetration, enhanced professionalism, consumer protection, innovation, and greater contribution of the insurance sector to the national economy.
Reaffirming NAICOM’s commitment to maintaining market stability and protecting policyholders, Omosehin stressed that innovation and market expansion must be accompanied by sound governance, ethical conduct, transparency, adequate capitalization, and prompt settlement of genuine claims.
He further noted that digital transformation and the adoption of insurtech solutions would play a key role in improving service delivery and increasing the industry’s competitiveness in a rapidly evolving financial services landscape.
The Commissioner called on regulators, insurers, intermediaries, development partners, educational institutions, and the media to work collaboratively toward building an insurance sector that is inclusive, innovative, trusted, and impactful.
He expressed confidence that sustained partnerships and collective action would help transform insurance into a powerful tool for economic resilience, social protection, wealth creation, and national development. [citation]
The launch of the ISSP marks what NAICOM describes as a new chapter for the Nigerian insurance industry, driven by innovation, inclusion, professionalism, trust, and regulatory discipline.