NAICOM TARGETS WIDER INSURANCE COVERAGE

The National Insurance Commission has shifted its focus towards expanding insurance coverage across Nigeria following the completion of the industry’s recapitalisation exercise.

NAICOM launched the Insurance Sector Strengthening Programme in Abuja, with the initiative aimed at bringing more Nigerians, particularly young people, women, micro, small and medium-sized enterprises, and underserved communities into the insurance market.

The Commissioner for Insurance, Olusegun Omosehin, said the stronger capital base achieved through recapitalisation would have limited impact if insurers failed to translate it into wider coverage, better products and improved customer service.

He said insurers needed to move beyond reliance on physical offices in major cities and adopt digital platforms and other distribution channels that can reach customers wherever they live and work.

The programme will focus on insurance awareness, education, capacity development, gender inclusion, youth engagement, and support for MSMEs and their value chains.

NAICOM said weak public awareness, limited trust and fragmented distribution networks remain major barriers to insurance penetration in Nigeria.

Omosehin also stressed the importance of prompt claims settlement and fair treatment of policyholders, saying insurers must rebuild public confidence if the industry is to attract more customers.

The regulator said the expansion drive would be pursued alongside measures to maintain insurers’ financial strength, transparency and consumer protection.