Omosehin Advocates Strategic Risk Management for National Development
By Patience Ikpeme
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, has called for a strategic and forward-thinking approach to risk management as a catalyst for Nigeria’s national development.
Speaking at the 40th anniversary celebration of the Risk Management Society of Nigeria (RIMSON) in Lagos, with the theme “Risk Management in Nigeria – Evaluating the Impact and Relevance to National Development”, Omosehin urged stakeholders to adopt a data-driven and proactive mindset in addressing risk across public policy, infrastructure planning, governance, and enterprise development.
He said risk management must be viewed not merely as a response mechanism but as a strategic tool that should be embedded in decision-making processes at all levels.
“In Nigeria, we have witnessed how the lack of structured risk mitigation has hampered growth,” Omosehin noted. “From business disruptions to the socio-economic consequences of climate-related disasters, cyber threats, and public health emergencies, the consequences of unaddressed risks are far-reaching.”
He said that in an increasingly interconnected world, the ability of both public and private institutions to effectively identify, assess, and respond to risks is critical to achieving national resilience and sustainable development.
According to him, the insurance industry—under NAICOM’s regulatory supervision—has a vital role to play in strengthening Nigeria’s risk management landscape. Through risk transfer mechanisms, insurance offers more than just financial compensation in times of loss; it also contributes to economic stability, encourages investment, and supports innovation.
“Our regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring that policyholders are adequately protected,” Omosehin said. “We are also working to deepen insurance penetration, particularly among underserved communities, to ensure that risk mitigation is both inclusive and equitable.”
He maintained that the future of Nigeria’s development depends on how well risks are managed, stressing the need for collaboration across sectors and the alignment of regulatory policies with emerging realities.
RIMSON’s 40th anniversary served as a platform to reflect on Nigeria’s risk management journey and the evolving role of professionals and institutions in securing long-term national interests.
