Insurance Commissioner and Director General of the National Insurance Commission (NAICOM), Segun Omosehin, has called for the global adoption of insurance by Nigerians. According to him, insurance bridges the country's financial stability gap

Omosehin denounced the low insurance penetration, less than 1%, despite a population of over 200 million people. He recently highlighted the immense potential of the insurance sector in Nigeria, which he said was experiencing double-digit growth. For him, a large adoption of insurance would be a reliable safety net compared to medical crowdfunding and other informal financial support systems

According to him, “for many Nigerians, when an emergency occurs, the default response is to seek financial support from family, friends, or community groups. While this may seem to be an effective solution, it is an unbearable burden. Imagine paying 50,000 naira several times a year for various causes: if that same amount were invested in an insurance policy, it would provide wider and more reliable coverage