Many Nigerians now covered under compulsory insurance – NAICOM

The National Insurance Commission has revealed that a significant number of Nigerians are now covered under various compulsory insurance schemes, following intensified enforcement efforts in collaboration with key government agencies.

This was disclosed by the Commissioner for Insurance/Chief Executive Officer of NAICOM, Segun Omosehin, during a goodwill message that he delivered at the BusinessDay Insurance Conference held in Lagos on Wednesday.

Omosehin, who was represented by Deputy Commissioner for Insurance (Finance & Admin)  Mr Ekerete Ola Gam-Ikon, said that through partnerships with bodies such as the Federal Road Safety Corps, Nigerian Police Force, and the Federal Fire Service, compliance levels have improved, extending insurance protection to more citizens and properties nationwide.

On February 1, 2025, the Nigeria Police Force commenced enforcement of third-party motor insurance, and since then, NAICOM has partnered with other agencies to drive insurance penetration.

He said, “Through collaboration with the Federal Road Safety Corps, Nigerian Police Force, Federal Fire Service, and others, NAICOM has significantly strengthened the enforcement of compulsory insurances, including motor third-party insurance, insurance of public buildings, and group life insurance. These efforts have led to improved compliance and an expanded pool of insured Nigerians, ensuring that the protective umbrella of insurance now reaches further than ever before.

“Let me be clear: the enforcement of compulsory insurance is not merely a regulatory mandate- it is a social imperative. Today, more Nigerians are covered. More properties are insured. More lives are protected. This is a trend we must not only sustain but scale. Through digital verification systems, public awareness campaigns, and nationwide field monitoring, NAICOM is making non-compliance increasingly difficult. Compliance is no longer optional; it is the cornerstone of our collective credibility.”

The CFI went on to charge operators in the sector to leverage technology to drive growth.

“As we look ahead, the road before us is long, but our destination is within reach. To ensure sustainable progress, propose three critical calls to action: Innovate for Inclusion. We must leverage technology to extend coverage to the underserved, those in rural communities, the informal sector, and among the youth. Microinsurance, digital platforms, and inclusive product design must define our new frontier.

“Strengthen regulatory and data infrastructure: As we expand penetration, we must also build robust systems that support accountability, enable data-driven decision-making, and protect the consumer. Transparency must be our watchword.  Promote insurance culture: True penetration goes beyond numbers–it is about cultural adoption.

“We must educate and engage the public, demonstrating how insurance is not a burden but a pathway to stability and a safety net for the future. The journey toward resilience and growth in uncertainty is one we must embark on together. With NAICOM leading the charge, and with the unwavering cooperation of all stakeholders, I am confident that Nigeria’s insurance industry will not only withstand the storms ahead but thrive beyond them,” he affirmed.

Omosehin asserted that amid macroeconomic headwinds and unpredictability, insurance can help to build national resilience.