By Oluwakemi Kindness
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo-Omosehin, says Africa’s efforts to reduce poverty will remain largely ineffective unless insurance coverage expands significantly across the continent.
Omosehin made the assertion while receiving the Commissioner for Insurance of Ghana, Dr. Abiba Zakariah, during a working visit to NAICOM in Abuja.
He stressed that millions of Africans remain vulnerable to financial shocks because they lack adequate insurance protection, noting that insurance plays a critical role in strengthening economic resilience, managing risks, and promoting inclusive growth.
According to a statement on Tuesday by the commission, Ayo-Omosehin says increasing insurance penetration is essential to protecting households and businesses from unexpected losses that often push people deeper into poverty.
“Meaningful poverty reduction across Africa remains unattainable without significantly increasing insurance penetration,” Omosehin said, adding that insurance serves as a vital tool for economic development and financial security.
The NAICOM boss also emphasized the need for stronger collaboration among African insurance regulators to drive innovation, improve market access, and enhance the industry’s contribution to regional economic growth.
Responding, Dr. Zakariah commended NAICOM for its leadership role in the sector and reaffirmed Ghana’s commitment to deepening cooperation among African insurance regulators.
She said stronger partnerships would help unlock innovation, accelerate financial inclusion, and create opportunities for sustainable growth across the continent.
The visit underscored the shared commitment of Nigeria and Ghana to leverage regulatory cooperation and technological innovation to build a more resilient and integrated African insurance market.
