Expert urges NAICOM, insurance companies to enhance public insurance education

Dr. Sam Onyeka, an insurance expert, has called on the National Insurance Commission (NAICOM) and insurance companies to intensify their efforts in improving public education and perception of insurance.

Onyeka, who is the Lead Director of Transparent Protection Limited (TPL)/GTE, a non-governmental organisation focused on insurance, made the appeal in an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.

He stressed that ongoing education on insurance, particularly third-party motor insurance, would help the public better understand how insurance works, leading to higher participation and uptake. Onyeka suggested that the move could improve insurance penetration across the nation.

“Insurance education is a shared responsibility. While NAICOM and insurance companies must take the lead, public-spirited individuals should also contribute to this effort,” he said.

Onyeka emphasised that although he was not a part of NAICOM or an insurance company, he had been involved in promoting insurance awareness for many years and welcomed further collaboration from interested parties.

In response to this call, NAICOM, in collaboration with the United Nations Development Programme (UNDP) and the Nigerian Insurers Association (NIA), launched an insurance education campaign aimed at educating traders and the public about the importance of insurance.

The campaign, titled “Insurance Literacy and Consumer Protection Campaign: A UNDP (Nigeria) Project 2025,” aims to enhance financial resilience and promote inclusive insurance as a key tool for poverty reduction and financial inclusion.

The initiative has educated traders on various insurance products, including fire and special perils insurance, goods in transit insurance, accident insurance, and life insurance, among others.