The National Insurance Commission (NAICOM) has called for inclusive public engagement and greater awareness, saying insurance must be seen as a necessity rather than a luxury.

Speaking at the flag-off of the 2025 edition of Insurance Week held in Lagos, the Commissioner for Insurance, Olusegun Omosehin, warned that Nigeria’s economy is exposed to escalating risks ranging from inflexion shocks to business disruptions without widespread insurance penetration.

“In today’s fast-changing world, risks are multiplying. Insurance is our safety net; it protects lives, stabilises businesses and helps the government to rebound from shocks. A nation without insurance is a nation that is exposed to risk,” Omosehin said.

With Nigeria’s insurance penetration still about one per cent of gross domestic product (GDP) – among the lowest globally – the commission is urging a paradigm shift that places insurance literacy and access at the centre of national planning.

Omosehin stressed that true security would come not only through regulation but also through a cultural transformation in how Nigerians perceive risk and financial protection.

“This week is more than a celebration. It is a call to action to ignite a nationwide conversation on why every Nigerian needs insurance,” he said.

He challenged insurers and brokers to deliver on their mandate, not just with products, but also with trust.

“We must improve claims transparency, invest in talent, and innovate to meet the needs of all Nigerians in rural, urban, formal, and informal alike,” he added.

Also speaking, the President of the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, stressed the need to move beyond awareness to deep practical education.

“Insurance literacy must go beyond billboards and jingles”, she said.

“We envision insurance education integration into the school curriculum and vocational training programmes. We must institutionalise insurance thinking from a young age,” she said.