Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) has called for stronger collaboration between the Abia State Government and the insurance industry to expand mandatory insurance coverage and protect critical public and private assets across the state.
Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, made the call in Umuahia during the 2026 Chief Executive Officers’ Retreat of the Nigerian Council of Registered Insurance Brokers (NCRIB) and the unveiling of the NCRIB Insurance Awareness and Penetration Initiative in Abia State.
Omosehin said structured partnerships between government and industry stakeholders would not only improve insurance penetration but also enhance economic resilience, revenue generation and investor confidence.
He identified key areas requiring greater attention, including motor third-party insurance, insurance coverage for markets and public infrastructure, and protection for critical assets such as petrol and gas stations, tankers, hospitals and power facilities against operational risks.
According to him, insurance remains a vital tool for safeguarding businesses, families and investments from financial losses arising from unforeseen events.
The NAICOM boss also urged the Abia State Government to explore insurance-backed arrangements for loan schemes and poverty alleviation programmes, noting that such measures could help ensure business continuity and protect public resources from disruptions.
He described Abia as a fitting location for the launch of the NCRIB awareness initiative, citing the state’s reputation for entrepreneurship, manufacturing and commercial activities, particularly in Aba.
Omosehin said increasing public understanding of insurance would encourage traders, transport operators, property owners, farmers, artisans and small business owners to adopt appropriate risk management measures and protect their livelihoods.
He stressed that insurance awareness was essential for sustainable economic growth, arguing that informed citizens make better financial decisions while adequately protected businesses are more resilient during periods of crisis.
“Our message is clear: insurance is for everyone. It is not limited to large corporations or government institutions. It is equally relevant to traders, transporters, artisans, farmers, small business owners, professionals, landlords, tenants, students and families,” he said.
The commissioner further urged stakeholders involved in the awareness campaign to take insurance education to markets, business clusters, transport unions, schools, religious centres and local communities, using simple messages and local languages to reach a wider audience.
He commended NCRIB for spearheading the initiative and expressed confidence that the programme would deepen insurance literacy, boost participation and strengthen trust in the insurance industry.
The NCRIB Insurance Awareness and Penetration Initiative is designed to expand public understanding of insurance and drive greater adoption of insurance products among individuals and businesses across the country, with Abia State serving as the pilot location.
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