ABEOKUTA, Nigeria — The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, says Nigeria’s insurance industry must become stronger and more resilient to manage growing economic risks.

Speaking at the 2026 Insurance Professionals’ Forum in Abeokuta, Ogun State on Wednesday, Omosehin said the theme “The Economics of Risk: Sustaining a Resilient Insurance Industry” reflects current global challenges.

‎He said risks are changing fast due to climate change, cyber threats, inflation, and economic volatility. He added that traditional insurance models can no longer work alone and insurers must now use data, technology and better risk management.

Omosehin said the new Nigeria Insurance Industry Reform Act 2025 marks a turning point for the sector. He said the law focuses on stronger capital, better governance, policyholder protection and improved regulation.

He described insurance as more than a financial service, calling it “the invisible infrastructure” of economic development. He noted that insurance supports agriculture, trade, infrastructure, and investment by helping people and businesses manage uncertainty.

On recapitalization, the Commissioner said the goal was not just to raise capital but to build institutions that can pay claims, invest in technology, and withstand economic shocks. He also stressed the need for trust, prompt claims payment and ethical conduct.

Omosehin urged the industry to embrace innovation, expand microinsurance and other products, and reach millions of Nigerians who remain uninsured. He said professional training must also improve to meet new demands.

He concluded that building a resilient insurance industry requires joint effort by regulators, operators, and professionals to support Nigeria’s economic growth and stability.