Stakeholders in the insurance industry have canvassed risk management in governance, infrastructure planning, enterprise development, and public policy to engender national growth and development.
Speaking on this development, at the Risk Managers Society of Nigeria (RIMSON) 40th anniversary celebration in Lagos recently, the commissioner for insurance, Olusegun Omosehin, said stakeholders must embrace a proactive, data-driven and forward-looking approach as they evaluate the impact of risk management on national development.
Saying risk management should not be seen as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development, and public policy, he added that, “Risk management is one of the cornerstones of sustainable development. 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.
“In Nigeria, we have 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.”
The event’s theme: ‘Risk Management in Nigeria – Evaluating the Impact and Relevance to National Development,’ he said, could not be more timely or significant as the nation continues to navigate complex economic, social, and environmental challenges in its economic recovery journey.
Commissioner for Insurance, Olusegun Omosehin stated that, the insurance industry, under the regulatory oversight of the National Insurance Commission (NAICOM), plays a pivotal role in fostering a robust risk management culture in Nigeria, adding that, through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment and innovation.
“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,” he said.
On his part, the president, Nigerian Council of Registered Insurance Brokers (NCRIB) Babatunde Oguntade, in a goodwill message, implored RIMSON members to do more in risk awareness creation and combat risk decadence in the insurance industry.
Meanwhile , many dignitaries and insurance top executives were elevated to fellows. Some of them were; Commissioner for Insurance Olusegun Omosehin; President Nigerian Council of Registered Brokers(NCRIB), Babatunde Oguntade, chairman, NEM Insurance Plc, Tope Smart, Managing Director, Sovereignty Trust Insurance Plc, Olaotan Soyinka; chairman, Boff & Company Insurance Brokers Limited, Babajide Olatunde-Agbeja: Managing Director, NSIA Insurance Limited, Moruf Apampa: Bauchi State Governor, Bala Mohammed among others.
There was also a transition of leadership at the ceremony as the past president of RIMSON, Gus Wiggle, handed power to Dr. Abbas Idriss as the new president.
Abbass, in his acceptance speech, pledged to build on the solid foundation laid by the founding fathers in taking the society to lofty heights, calling for support to ensure the set goals and objectives of the society are fully achieved.
Delivering the anniversary lecture, the executive vice chairman/chief executive officer, Insurance Brokers of Nigeria Limited, Prosper Okpue called on risk managers to be ethical in their operations and implored the government to embrace risk management, stating that, most national losses could have been prevented through a structured risk management structure.
