Insurance sector operators have been called upon to implement significant reforms aimed at improving the industry’s competitiveness and fostering its growth. During the 40th anniversary celebration of RIMSON in Lagos, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, highlighted the lack of structured risk mitigation as a barrier to growth in Nigeria. He noted the negative impact of business disruptions, climate-related disasters, cyber threats, and public health emergencies, all of which have hampered the country’s development.
Speaking on the theme “Risk Management in Nigeria: Evaluating Impact and Relevance to National Development,” Omosehin emphasized that the insurance industry plays a critical role in building a strong risk management culture in the country. He explained that the industry not only provides a financial safety net but also fosters stability, innovation, and investment through effective risk transfer mechanisms. He also pointed out that the regulatory framework aims to improve the capacity of insurers to manage risks while ensuring policyholder protection.
Omosehin further stressed the importance of expanding insurance penetration, especially in underserved communities, to ensure that risk mitigation efforts are inclusive and equitable. He emphasized that a proactive, data-driven approach to risk management is essential, and it should be integrated into governance, infrastructure planning, enterprise development, and public policy to create a more resilient nation.
The Commissioner concluded by noting the significance of risk management as a foundation for sustainable development. He stressed that in today’s interconnected world, the ability of both public and private sectors to assess and respond to risks is crucial to ensuring national resilience and progress, particularly as Nigeria navigates complex economic, social, and environmental challenges in its recovery efforts.
Source: this day