The National Insurance Commission (NAICOM) has highlighted microinsurance and digital platforms as ways to increase penetration of retirement products, especially in the informal sector.
This message was in a speech by the Commissioner for Insurance, Mr Olusegun Omosehin, at a recent retirement summit in Lagos, who was represented by the Lagos director of NAICOM, Julius Odidi, reported the newspaper Punch.
He said, “The industry must invest in designing affordable, relevant, and inclusive retirement products, especially for the informal sector, which constitutes a significant portion of our population. Microinsurance and digital platforms hold tremendous potential in this regard. We cannot build a resilient retirement system without informed and empowered citizens. Early education on retirement planning, insurance benefits, and risk management must become a core part of our national strategy.”
Mr Omosehin said that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings.
He said, “Retirement planning must be rooted in long-term financial protection and risk management. Products such as annuities, life insurance, and retirement savings plans are not just financial instruments; they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and aligned with the evolving needs of our ageing population.”
“We are actively engaging with stakeholders to develop frameworks that enhance the integration of insurance and pension systems, especially in addressing longevity risks and post-retirement income security,” he added.
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