The National Insurance Commission (NAICOM) has launched the Insurance Sector Strengthening Programme (ISSP), a new initiative aimed at transforming Nigeria’s insurance industry and increasing its contribution to national development.

Commissioner for Insurance, Olusegun Ayo Omosehin, unveiled the programme on Thursday, September 3, 2026, in Abuja, saying it was designed to make the sector more inclusive, innovative, resilient and trusted.

‎Omosehin said the initiative was necessary because insurance penetration in Nigeria remains below its potential, with many citizens still uninsured or underinsured. He identified limited public understanding, trust issues, capacity gaps and fragmented distribution channels as some of the factors constraining industry growth.

According to him, the ISSP is built around six key pillars: advocacy and policy; awareness and education; capacity building; gender inclusion; youth engagement; and Micro, Small and Medium Enterprises (MSMEs) and value-chain development.

‎He said the programme would use targeted awareness campaigns, stakeholder education and innovative communication approaches to improve financial literacy and strengthen public understanding of insurance. He added that capacity-building initiatives would enhance the technical expertise, professionalism and performance of insurance practitioners.

The Commissioner also stressed the importance of expanding insurance access to women, young people and MSMEs, noting that these groups represent significant opportunities for expanding the sector. He said better insurance coverage for MSMEs would strengthen business resilience, economic stability and long-term enterprise growth.

Omosehin said the ISSP aligns with the objectives of the Nigeria Insurance Industry Reform Agenda (NIIRA) 2025, particularly in deepening insurance penetration, promoting innovation and professionalism, strengthening consumer protection and increasing the sector’s contribution to economic growth. He stressed that innovation must be matched by sound regulation, adequate capitalisation, transparent operations and prompt settlement of genuine claims.

‎He said NAICOM would continue to work with insurers, intermediaries, technology providers, professional bodies, development partners, educational institutions and the media to build a stronger insurance industry.

Omosehin said the ultimate goal of the programme was to restore public confidence and position insurance as an important instrument for economic resilience, social protection, wealth creation and national development.