The National Insurance Commission (NAICOM) has urged state governments to include insurance coverage in their social intervention and economic empowerment programs to protect beneficiaries and safeguard public investments.
The insurance regulator highlighted that many state-funded initiatives providing loans, grants, agricultural inputs, equipment and other support to entrepreneurs, farmers, artisans and small-scale businesses etc leave recipients vulnerable when unforeseen events like natural disasters, fires, theft, accidents, health emergencies or the death of a business owner occur.
Speaking at the 2026 NCRIB CEOs’ Retreat in Abia State, Commissioner for Insurance Olusegun Ayo Omosehin said embedding insurance in these schemes would provide vital financial protection, speed recovery for affected individuals and enterprises, and help preserve government resources.
He described insurance as a key risk-management tool that secures the gains of poverty-reduction and empowerment efforts, strengthens program effectiveness, and fosters resilient communities. Omosehin called for collaboration among governments, financial institutions and insurers, and urged stricter enforcement of existing compulsory insurance laws to boost compliance, deepen insurance penetration and expand financial protection nationwide.
