Nigeria’s insurance regulator is turning its attention to market expansion following the industry’s recapitalisation, with a new programme designed to bring more young people, women, micro, small and medium-sized enterprises and underserved Nigerians into the insurance market.
The National Insurance Commission (NAICOM) launched the Insurance Sector Strengthening Programme (ISSP) in Abuja, signalling a shift from strengthening insurers’ balance sheets to expanding the reach and relevance of insurance products.
Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said the industry must now ensure that the stronger capital base achieved through recapitalisation translates into wider distribution, better products and improved customer experience.
He said insurers could no longer depend largely on physical offices in major cities while consumer behaviour increasingly shifts towards digital platforms. According to him, the industry must develop distribution and sales models capable of reaching Nigerians wherever they live and work, particularly younger consumers who increasingly rely on digital financial services.
