The National Insurance Commission (NAICOM) has announced a significant rise in the number of Nigerians covered under compulsory insurance schemes, thanks to stronger enforcement measures and strategic partnerships with government agencies.
Speaking during the 2025 BusinessDay Insurance Conference in Lagos, the Commissioner for Insurance and CEO of NAICOM, Segun Omosehin, revealed that collaborations with the Nigeria Police Force, Federal Road Safety Corps (FRSC), and Federal Fire Service have led to improved compliance across the country. Omosehin was represented by the Deputy Commissioner for Insurance (Finance & Admin), Mr. Ekerete Ola Gam-Ikon.
“Through these partnerships, we’ve intensified enforcement of mandatory insurances including third-party motor insurance, public building insurance, and group life policies. This has led to a broader base of Nigerians and assets now protected by insurance,” Omosehin said.
He emphasized that the move is not just about regulatory obligation, but a national duty that ensures economic stability and social protection.
“The enforcement of compulsory insurance is a social imperative. More lives are now protected. More properties are covered. Compliance is no longer optional—it’s essential for national resilience,” he added.
Since February 1, 2025, when the Nigeria Police Force officially began enforcing third-party motor insurance, the scope of insured individuals and businesses has expanded significantly.
Omosehin also outlined three strategic actions to ensure continued growth in the sector: innovate for inclusion by using digital technology to reach rural communities, informal workers, and youth populations; strengthen regulatory and data infrastructure to support accountability and consumer protection; and promote insurance culture through public awareness to reposition insurance as a life-enhancing tool rather than a financial burden.
“True penetration is not just about numbers. It’s about building trust and embedding insurance into the fabric of society,” he noted.
As Nigeria navigates economic volatility, Omosehin stressed the critical role of insurance in strengthening national resilience.
“With NAICOM leading the charge and industry stakeholders aligned, I am confident that Nigeria’s insurance industry will thrive—even amid uncertainty,” he said.
