Insurance sector operators have been charged to effect a far reaching reforms to support the sector's competitiveness and growth.
The Commissioner for Insurance, Mr Olusegun Ayo Omosehin who stated this at the 40th anniversary celebration of RIMSON in Lagos observed that in Nigeria, the industry has witnessed how the lack of structured risk mitigation has hampered growth, from business disruptions to the socio-economic consequences of climate-related disasters, cyber threats, and public health emergencies.
Speaking on the theme of the event, "Risk Management In Nigeria-Evaluating Impact And Relevance To National Development" he pointed out that the insurance industry, under the regulatory oversight of the commission, plays a pivotal role in fostering a robust risk management culture in Nigeria.
He said insurance not only provides a financial safety net but also promotes stability, investment, and innovation through risk transfer mechanisms.
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"Our regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholders are protected. We are also working to expand insurance penetration, particularly among underserved communities so that risk mitigation is inclusive and equitable.
"As we evaluate the impact of risk management on national development, we must embrace a proactive data-driven, and forward-looking approach. Risk management should not be seen as measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development, and public policy." he said.
Hestressed that the theme could not be more significant as our nation continues to navigate complex economic, social, and environmental challenge in its economic recovery journey.
He said that risk management was one of the cornerstones of sustainable development, adding "In today's interconnected world, the ability of public and private institutions to identify, assess, and respond to risks is central to national resilience and progress."
