By Oluwakemi Kindness
The Commissioner for Insurance, National Insurance Commission (NAICOM), Olusegun Ayo-Omosehin, has urged state governments to integrate insurance into loan schemes and poverty alleviation programmes.
Omosehin said this will serve as part of efforts to strengthen economic resilience and ensure the sustainability of public interventions.
Omosehin made the recommendation on Tuesday while delivering a goodwill message at the 2026 CEOs’ Retreat of the Nigerian Council of Registered Insurance Brokers (NCRIB) and the unveiling of the NCRIB Insurance Awareness and Penetration Initiative in Umuahia, Abia State.
According to him, structured collaboration between state governments and the insurance industry can drive revenue growth and economic resilience, particularly through the use of insurance as a risk management tool in government-backed initiatives.
“Opportunities exist for collaboration in state-sponsored initiatives such as loan schemes and poverty alleviation programmes, where insurance can serve as a safeguard for business continuity and resource sustainability in the event of disruptions,” he said.
The NAICOM boss also encouraged governments to explore partnerships in the enforcement and expansion of mandatory insurance covers, including motor third-party insurance, insurance for markets and public infrastructure, and protection of critical assets against operational risks.
He identified petrol and gas stations, tankers, hospitals and power stations as key facilities that require adequate insurance coverage.
Omosehin stressed that insurance plays a critical role in protecting individuals, businesses and governments from unforeseen events and financial disruptions, describing it as a source of protection, confidence and peace of mind.
He noted that increased insurance awareness would help traders, transport operators, property owners, farmers, artisans, small and medium-scale enterprises, professionals and entrepreneurs better protect their assets and livelihoods from risks such as fire, accidents, theft, illness and business interruption.
The Commissioner said the insurance industry remains committed to fostering a stronger, more inclusive and responsive sector that is trusted by the public and aligned with national economic objectives.
He reiterated that insurance is not only for large corporations and government institutions but is equally important for ordinary Nigerians across different occupations and income levels.
Omosehin also commended the NCRIB for launching the Insurance Awareness and Penetration Initiative in Abia State, describing the project as a strategic effort to deepen public understanding of insurance and increase participation in the sector.
He expressed optimism that the initiative would lead to greater insurance awareness, increased trust and wider adoption of insurance products among the people of Abia State.
The NAICOM chief added that the success of the initiative would ultimately be measured by the number of people who become more informed about insurance, the businesses that adopt better risk management practices and the extent to which insurance becomes part of everyday life.
