*CFI, CEOs of NSIA Insurance, Sovereign Trust, Chairman NEM Insurance bag RIMSON’s fellow status
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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has said risk management should be embedded in governance, infrastructure planning, enterprise development, and public policy to engender national growth and development.
The Commissioner for Insurance Olusegun Omosehin, said this today at the Risk Managers Society of Nigeria (RIMSON) 40th anniversary celebration in Lagos, adding that as stakeholders evaluate the impact of risk management on national development, they must embrace a proactive, data-driven and forward-looking approach.
He submitted that 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 noted that the event’s theme, “Risk Management in Nigeria – Evaluating the Impact and Relevance to National Development.” could not be more timely or significant as our nation continues to navigate complex economic, social, and environmental challenge in its economic recovery journey.
“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,” he posited.
He submitted that the insurance industry, under the regulatory oversight of National Insurance Commission, plays a pivotal role in fostering a robust risk management culture in Nigeria, stating 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.
NAICOM pushes embedment of risk management in governance, public policy to engender national development
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.
At the ceremony many dignitaries and insurance top executives were elevated to fellows. Some of them are Commissioner for Insurance Olusegun Omosehin; President Nigerian Council of Registered Brokers, Babatunde Oguntade, Chairman NEM Insurance Plc, Tope, 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 and more.
There was also a transition of leadership at the ceremony as the past President of RIMSON GUS Wiggle handled 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.
He called for supports to ensure the set goals and objectives of the society are fully achieved.
The anniversary lecture was delivered by the Executive Vice Chairman/Chief Executive Officer Insurance Brokers of Nigeria Limited Prosper Okpue. He called on risk mangers 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.
The society at the ceremony also launched its anniversary compendium, which chronicled landmark feats recorded by the Society since inception.
