NAICOM launches programme to boost Nigerian insurance penetration

The National Insurance Commission (NAICOM) has launched the Insurance Sector Strengthening Programme (ISSP) in Abuja. The initiative is designed to increase insurance penetration, foster financial inclusion, and drive innovation within Nigeria’s insurance ecosystem.

Commissioner for Insurance Olusegun Omosehin stated that the programme provides a framework for the growth and stability of the sector. Key focus areas include capacity building, gender inclusion, youth engagement, and the development of Micro, Small, and Medium Enterprises (MSME).

The ISSP emphasizes the importance of public awareness and education, noting that market growth is tied to consumer trust and understanding of insurance as a tool for risk management. Additionally, the programme aims to enhance human capital through professional development to meet evolving technological and customer service demands.