Key Points
- NAICOM has launched the Insurance Sector Strengthening Programme (ISSP) to deepen insurance penetration, financial inclusion and innovation.
- The Nigerian Insurance Association says the programme targets an increase in insurance penetration from about five per cent to 10 per cent of GDP by 2030.
- The initiative focuses on consumer awareness, human-capital development, gender and youth inclusion, and MSME and value-chain development.
Main Story
The National Insurance Commission (NAICOM) has launched a programme aimed at strengthening Nigeria’s insurance industry and doubling insurance penetration to 10 per cent of GDP by 2030.
The Insurance Sector Strengthening Programme (ISSP), unveiled in Abuja on Thursday, is designed to advance insurance penetration, financial inclusion and innovation while improving the sector’s capacity and competitiveness.
Commissioner for Insurance, Mr Olusegun Omosehin, said the programme would address consumer awareness, professional development, gender inclusion, youth engagement, and the insurance needs of Micro, Small and Medium Enterprises (MSMEs).
He said public understanding and trust remained essential to expanding the insurance market because consumers must recognise insurance as a tool for financial protection and risk management.
“No sector can achieve sustainable growth when large segments of society remain sidelined or underrepresented,” Omosehin said.
He said the programme would also strengthen technical expertise and professionalism as technology and customer expectations continued to change.
Mrs Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurance Association (NIA), represented by its Director-General, Mrs Bola Odukale, said the industry’s five per cent penetration level could be doubled through sustained collaboration, innovation and institutional commitment.
She said the target should be viewed beyond premium growth, describing wider insurance coverage as a means of expanding financial protection.
The NIA pledged to mobilise its members and provide data, expertise and support for initiatives aimed at improving consumer confidence and access to affordable insurance products.
What’s Being Said
“A strong and resilient insurance industry is essential to protecting lives and assets, supporting businesses and encouraging investment,” said Sen. Mukhail Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, represented by Mr Victor Inedu.
Dr Kola Adesina, Group Managing Director of Sahara Power Group, said the industry would struggle to grow if it relied mainly on compulsory insurance and legislation.
“Products that do not reflect the aspirations and realities of young Nigerians will struggle to gain acceptance,” Adesina said.
What’s Next
- NAICOM and industry stakeholders will work towards the 10 per cent insurance penetration target by 2030.
- The NIA will mobilise insurers and provide data and expertise to support implementation.
- Nigeria and Canada are expected to explore further cooperation in insurance, regulation, innovation and knowledge sharing.
The Bottom Line: NAICOM’s ISSP seeks to move insurance beyond compulsory coverage and limited market participation by expanding consumer trust, inclusion and access, with the industry targeting a doubling of penetration by 2030.
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