The ability of private and public institutions to identify, assess, and respond to risk is central to national resilience and progress as Nigeria has witnessed how lack of structured risk mitigation has hampered growth, from business disruption to the socio-economic consequences of climate-related disasters, cyber threats, and public health emergencies.
Commissioner For Insurance, Olusegun Ayo Omosehin stated this at at the 40th anniversary celebration of Rimson i Lagos, with the theme” Risk Management in Nigeria- Evaluating the impact And Relevance to National Development”.
Omosehin noted that the subject could not have been more timely or significant as the Nation is currently navigating complex economic, social, and environmental challenges in its economic recovery journey.
“The Insurance industry under the regulatory oversight of the National Insurance Commission plays a pivotal role in fostering a robust risk management culture in Nigeria. Through risk transfer mechanisms, insurance not only provides financial safety net but also promotes stability, investment and innovation.”
“Our regulator framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholder are protected. We are also working to expand insurance penetration, particularly among undeserved 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 a reflective measure but as strategic tool embedded in governance, infrastructure planning, enterprise- development, and public policy”.
Omosehin enjoined all stakeholders to deepen collaboration, share ideas and commit to advancing risk management practices that align with Nigeria’s development aspiration, while commending the organizers for their dedication.