The Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has called on public and private institutions in Nigeria to adopt a data-driven and proactive approach to risk management.
Omosehin made this known while speaking at the 40th anniversary celebration of the Risk Managers Society of Nigeria (RIMSON) held in Lagos.
Quoting global insights, he said research from Harvard and PwC shows that organisations that take risk management seriously are more likely to grow faster and earn the trust of stakeholders.
He said, “Risk management should no longer be seen as an emergency response. It must be built into how we run government, develop infrastructure, and grow businesses. This is how to ensure long-term national development.”
Omosehin stated that NAICOM is committed to helping insurance firms in Nigeria build capacity to cover various types of risk, while also pushing for more insurance penetration in underserved communities.
According to him, risk management has become essential due to modern challenges like climate change, cyberattacks, and health crises.
“In Nigeria, we’ve seen the result of not managing risk – whether it’s flood damage, data breaches, or economic shocks. We must change that narrative,” he said.
He added that the insurance industry plays a key role in building a risk-aware economy, by acting as a safety net and encouraging innovation and investment.
During his lecture, the Executive Vice Chairman of Insurance Brokers of Nigeria Ltd., Prosper Okpue, stressed the need for ethical practices in risk management. He said many national losses could have been avoided if there had been better planning.
Also speaking, the newly elected President of RIMSON, Dr. Abbas Idriss, promised to take the society to greater heights and called for cooperation from stakeholders to achieve the society’s goals.
