RismadarVoice Reporters
September 11, 2026
The Nigerian insurance industry must strengthen its financial capacity, embrace digital innovation, improve claims settlement and rebuild public confidence to play a key role in driving the country’s economic transformation, stakeholders have said.
The call was made at the 2026 Insurance Professional Forum of the Chartered Insurance Institute of Nigeria (CIIN), held in Abeokuta, Ogun State, with the theme, “The Economics of Risk: Sustaining a Resilient Insurance Industry.”
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin, said insurance had moved beyond being a financial service to becoming a critical infrastructure for economic growth and stability.
Omosehin said recent regulatory reforms had placed greater emphasis on financial strength, good governance, policyholder protection and improved professional standards within the sector.
He noted that rising economic uncertainties, climate-related risks, cyber threats, technological disruptions and changing consumer demands required insurers to adopt modern risk management strategies.
The NAICOM boss urged insurance companies to deploy predictive analytics, enterprise risk management systems, scenario modelling and other advanced technologies to improve resilience and service delivery.
He explained that the ongoing recapitalisation exercise was not only aimed at increasing insurers’ financial capacity but also at building stronger institutions capable of underwriting major projects, retaining larger risks and meeting obligations during economic challenges.
“Insurance is a promise,” Omosehin said, stressing that prompt and transparent settlement of legitimate claims remained essential to restoring public trust in the industry.
He disclosed that NAICOM had introduced a Policyholder Protection Fund, supported by insurance operators, to provide additional protection for policyholders in cases of institutional failures.
However, he warned that the initiative should not encourage insurers to neglect their responsibilities to customers.
Omosehin also encouraged insurance professionals to improve their skills as artificial intelligence, machine learning, digital platforms and data-driven solutions continue to transform underwriting, claims management and risk assessment.
The CIIN President and Chairman of Council, Akinjide Orimolade, said the forum provided an opportunity for industry stakeholders to develop strategies for improving the sustainability and resilience of the insurance sector.
Orimolade described insurance as a major driver of economic growth, business continuity and social stability, adding that innovation, improved customer service and ethical practices were necessary to increase insurance penetration in Nigeria.
Speaking on the theme of the forum, Managing Director of Sahara Power Group, Kola Adesina, said Nigeria’s economic growth depended on stronger mechanisms for managing risks.
Adesina explained that businesses, farmers, banks and investors were constantly exposed to risks, adding that insurance helped protect economic value by pooling risks and enabling recovery after unexpected losses.
He noted that disasters such as fire outbreaks could have wider economic consequences, including job losses, reduced government revenue, damaged investments and declining business activities.
Stakeholders at the forum maintained that a stronger insurance industry would be vital to supporting Nigeria’s ambition of building a $1 trillion economy.
