Insurance must drive Nigeria’s $1trn economy – NAICOM

The National Insurance Commission (NAICOM) and industry experts have emphasized that the Nigerian insurance industry must strengthen its financial capacity, embrace technology, improve claims settlement, and rebuild public confidence to play a stronger role in driving the country’s economic transformation. Speaking at the 2026 Insurance Professional Forum of the Chartered Insurance Institute of Nigeria, NAICOM CEO Olusegun Omosehin described insurance as an important infrastructure for economic development and stability, noting that the industry is entering a new phase with stronger expectations around financial soundness, governance, policyholder protection, and professional standards.

Omosehin highlighted the changing risk environment, characterized by economic volatility, climate-related disasters, technological disruption, cyber threats, geopolitical uncertainties, and changing consumer expectations, which require insurers to deploy advanced technologies such as predictive analytics, enterprise risk management, scenario modelling, and climate intelligence to strengthen their ability to withstand shocks.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.