NAICOM reaffirms commitment to strengthen Nigeria’s insurance industry  

The National Insurance Commission (NAICOM) has reiterated its commitment to enforcing compliance with regulatory standards to enhance the stability, transparency, and growth of Nigeria’s insurance sector.

Speaking at the Insurance Industry Consultative Council Media Retreat held at the College of Insurance and Financial Management in Aseese, Ogun State, the Commissioner for Insurance, Mr. Olusegun Omosehin, emphasized the Commission’s resolve to strengthen the industry through effective regulations. Represented by the Deputy Director and Head of NAICOM Lagos Control Office, Dr. Julius Odidi, Omosehin delivered the keynote address outlining the Commission’s strategic focus areas.

Omosehin stated that NAICOM remains steadfast in enforcing policies that promote accountability and solvency, ensuring that the insurance industry maintains a robust and trustworthy framework. “NAICOM has continued to enforce policies that promote transparency, accountability, and solvency, ensuring that the insurance industry remains stable, prosperous, and trustworthy.

“There are compliance issues and not to leave anyone in doubt, the Commission is out to ensure compliance to regulatory standards is one hundred per cent observed and adhered to by all and sundry. This, the Commission believes will enhance the ease of doing business and drive insurance growth and development,” he said.

Highlighting the industry’s milestones and outlook for 2024, Omosehin noted significant progress in strengthening regulatory frameworks, fostering stakeholder collaboration, and increasing public awareness of insurance’s importance. However, he acknowledged that more needs to be done to unlock the sector’s full potential.

One of NAICOM’s key initiatives, according to Omosehin, is promoting financial inclusion by expanding access to affordable insurance products, especially in underserved regions. Leveraging technology has also played a pivotal role in improving efficiency, market penetration, and customer satisfaction.

Addressing the media’s role in advancing the industry, Omosehin underscored the importance of accurate and impactful reporting. “You are instrumental in educating the public, dispelling myths, and fostering a culture of risk management. As trusted voices in the community, you are in a unique position to influence attitudes toward insurance, highlighting its critical role in safeguarding lives, assets, and businesses,” he added.

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