{
  "id": 6680955,
  "title": "Insurance must drive Nigeria’s $1trn economy – NAICOM",
  "url": "https://urgent.news/2026/09/11/insurance-must-drive-nigerias-1trn-economy-naicom-6680955",
  "topic": "world",
  "section": "World",
  "published": "2026-09-11T01:44:25.000Z",
  "source": {
    "name": "Punch",
    "slug": "punch",
    "url": "https://punchng.com/insurance-must-drive-nigerias-1trn-economy-naicom/"
  },
  "original_language": "en",
  "account": "The Nigerian insurance sector must enhance its financial strength, adopt innovative technologies, refine claims processing, and restore public trust to assume a more prominent role in propelling the nation's economic growth, according to the National Insurance Commission (NAICOM) and industry experts. This sentiment was expressed at the 2026 Insurance Professional Forum of the Chartered Insurance Institute of Nigeria, which took place in Abeokuta, Ogun State, under the theme \"The Economics of Risk: Sustaining a Resilient Insurance Industry.\" Olusegun Omosehin, the Commissioner for Insurance and Chief Executive Officer of NAICOM, emphasized that insurance is not merely a financial service but a crucial infrastructure for economic development and stability. He highlighted that the industry has entered a new era following recent regulatory reforms, with heightened expectations regarding financial stability, governance, policyholder protection, and professional standards. Omosehin further stated that the evolving risk landscape, marked by economic volatility, climate-induced disasters, technological disruption, cyber threats, geopolitical uncertainties, and shifting consumer expectations, necessitates insurers to transcend conventional risk management methodologies. He stressed that insurers must increasingly utilize predictive analytics, enterprise risk management, scenario modeling, climate intelligence, and other advanced technologies to bolster their resilience against shocks. NAICOM's recapitalization initiative aims not solely at enlarging insurers' balance sheets but at fostering institutions capable of assuming larger risks, investing in technology and human capital, underwriting significant national projects, and fulfilling obligations during periods of economic stress. The ultimate success of this endeavor will be gauged by the robustness of insurance institutions and the confidence of policyholders. Omosehin underscored that insurance is a promise, asserting that insurers must guarantee prompt and transparent handling of valid claims. He identified public confidence as the industry's most valuable asset, cautioning that no amount of capital, technology, or regulation can replace trust. NAICOM has established a Policyholder Protection Fund, funded by industry operators, to offer an additional safety net for policyholders in the event of institutional failures; however, Omosehin cautioned against allowing this fund to serve as a justification for insurers to shirk their duties toward policyholders. The regulator has also urged insurance professionals to continually enhance their skills as artificial intelligence, machine learning, predictive analytics, and digital platforms transform underwriting, claims management, customer engagement, and risk assessment. Earlier, Akinjide Orimolade, President and Chairman of the Council of the Chartered Insurance Institute of Nigeria (CIIN), noted that the forum offered an opportunity for insurance professionals to explore practical strategies for fortifying the industry's resilience and sustainability. Orimolade emphasized that risk is an integral component of every economic activity, making insurance a vital catalyst for economic growth, business continuity, and social stability. He highlighted that technological advancements, data-driven decision-making, innovative insurance products, and improved customer service would be instrumental in expanding insurance penetration. Orimolade also stressed the significance of professional ethics, transparency, integrity, and continuous professional development in regaining public confidence in the sector. In his address, the Managing Director of Sahara Power Group, Kola Adesina, argued that Nigeria cannot achieve sustainable economic growth without fortifying mechanisms for managing risk. Adesina posited that every entrepreneur, farmer, bank, and company investing in new ventures is exposed to risk; hence, the objective should not be to eliminate risk but to ensure that adverse events do not permanently erode economic value. He stated that insurance plays a critical role by pooling risks, transferring financial exposure, and enabling individuals and businesses to recover from unforeseen losses. Adesina used the example of fire incidents to illustrate that the economic fallout from a disaster extends far beyond the immediate physical damage, encompassing job losses, impaired bank loans, diminished government revenue, reduced household consumption, and the permanent loss of productive capacity.",
  "summary": "NAICOM says the Nigerian insurance industry must boost capacity, tech, and trust to drive the nation’s $1trn economy. Learn about the new reforms. Read More: https://punchng.com/insurance-must-drive-nigerias-1trn-economy-naicom/",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Punch Nigeria",
        "title": "Insurance must drive Nigeria’s $1trn economy – NAICOM",
        "url": "https://urgent.news/2026/09/11/insurance-must-drive-nigerias-1trn-economy-naicom",
        "published": "2026-09-11T01:06:31.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}