NAICOM urges deeper awareness as brokers drive insurance penetration in Abia

The National Insurance Commission (NAICOM) has called for intensified insurance education and public enlightenment as critical drivers for expanding penetration and strengthening economic resilience in Nigeria.

Olusegun Ayo Omosehin , commissioner for Insurance speaking at the 2026 CEOs’ Retreat of the Nigerian Council of Registered Insurance Brokers (NCRIB) and the official unveiling of brokers  Insurance Awareness and Penetration Initiative in Umuahia, Abia State, described insurance as a fundamental tool for protection, confidence, and long-term financial stability.

He commended the Alex Otti, governor of Abia State, for hosting the event and supporting initiatives aimed at improving economic security and public welfare, noting that the state’s hospitality reflects a strong commitment to progressive development policies.

According to him, the selection of Abia State as the pilot location for the awareness initiative was strategic, given Aba’s historic reputation as a hub of enterprise, manufacturing, and commercial activity.

“Aba occupies a proud place in Nigeria’s industrial history, and it is fitting that a programme aimed at strengthening business protection and investor confidence begins here,” he said.

Omosehin stressed that insurance must be properly understood before it can achieve its full purpose, adding that many Nigerians still lack adequate knowledge of how insurance works, the types of coverage available, and the benefits it offers to individuals and businesses.

He noted that improved awareness would encourage traders, entrepreneurs, transport operators, farmers, artisans, and small business owners to better protect their assets against risks such as fire, theft, accidents, illness, and business interruption.

“Insurance is not just a financial product; it is protection, confidence, and peace of mind,” he stated.

The NAICOM boss further emphasised that insurance is essential in a dynamic commercial environment like Abia State, where enterprise and creativity thrive across sectors. He explained that increased awareness would improve financial decision-making, enhance business resilience, and strengthen investor confidence.

Reiterating NAICOM’s commitment, Omosehin said the Commission is focused on building a more inclusive and trusted insurance industry that is accessible to all Nigerians, regardless of economic or social status.

He also highlighted the role of insurance brokers under the Nigerian Council of Registered Insurance Brokers (NCRIB), describing them as trusted professional advisers within the insurance value chain whose contribution is vital to expanding public confidence in the sector.

According to him, the “One Insurance Industry” initiative reflects growing collaboration among stakeholders aimed at unifying efforts to deepen penetration and improve public understanding of insurance products.

Omosehin urged stakeholders involved in the initiative to ensure that insurance messaging is simplified, community-focused, and communicated in local languages to reach markets, transport unions, religious institutions, schools, and community groups.

He further called for stronger collaboration between the insurance industry and the Abia State Government in areas such as mandatory insurance compliance, protection of public infrastructure, and coverage for critical sectors including transport, healthcare, energy, and petroleum-related operations.

He also advocated for the integration of insurance into state-sponsored programmes such as loan schemes and poverty alleviation initiatives to safeguard beneficiaries and ensure continuity in the event of disruptions.

Omosehin expressed optimism that the initiative would mark a turning point in insurance awareness and adoption in Abia State, while also strengthening trust between the industry and the public.

He congratulated NCRIB for the initiative and reaffirmed NAICOM’s commitment to supporting efforts aimed at building a stronger, more resilient, and inclusive insurance sector in Nigeria.

“May this initiative mark the beginning of deeper understanding, increased trust, and greater insurance participation among the people of Abia State,” he said.