NAICOM Boss Urges Data-driven Risk Management to Accelerate....

Samuel Mobolaji

Nigeria’s Insurance Commissioner, Mr Olusegun Ayo Omosehin, has called for the institutionalisation of proactive, data-driven risk management as a central pillar of national development strategy, emphasising the crucial role of insurance in building economic resilience.

Speaking at the 40th anniversary celebration of the Risk Management Society of Nigeria (RIMSON) in Lagos, Omosehin described risk management as fundamental to the country’s sustainable growth, warning that unstructured risk mitigation has repeatedly slowed Nigeria’s development trajectory.

Delivering his goodwill message on the theme “Risk Management in Nigeria – Evaluating the Impact and Relevance to National Development,” the Commissioner underscored the importance of embedding risk intelligence into Nigeria’s policy, infrastructure, and enterprise planning frameworks. He stressed that risk management must evolve from a reactive posture to a strategic tool for national resilience, innovation, and long-term growth.

Omosehin highlighted the insurance industry’s integral role in fostering a risk-aware culture through regulatory oversight, product innovation, and financial safety nets. He noted that the National Insurance Commission (NAICOM) is enhancing its regulatory frameworks to expand the industry’s underwriting capacity while safeguarding policyholders and promoting inclusive insurance penetration, particularly among underserved communities.

He pointed to growing economic, environmental, and cyber risks as reasons for government and private sector players to adopt more advanced and anticipatory risk frameworks. From climate-related disasters to digital vulnerabilities and public health emergencies, he said Nigeria’s development has been challenged by the absence of coordinated risk strategies.

Calling on stakeholders to deepen collaboration and share insights, Omosehin urged the public and private sectors to work in unison to embed risk management into governance, investment decisions, and public policy. He maintained that with stronger alignment between insurance and risk strategy, Nigeria can foster greater investor confidence, protect livelihoods, and accelerate its journey to becoming a resilient and prosperous economy.

The Commissioner commended RIMSON for sustaining the conversation around risk management and positioning it as a cornerstone for national planning. He said NAICOM remains committed to supporting reforms that promote stability, investment, and inclusive protection across all sectors of the economy.