Olusegun Omosehin, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), has outlined 20 critical factors required to expand and deepen the insurance market in Nigeria. Speaking at an event organized by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State, Omosehin emphasized the need for a comprehensive approach to industry transformation.
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He highlighted the following essential elements: developing a broad range of new skill sets, fresh orientation, attracting and retaining talent, diversifying the product spectrum, and improving adaptability, agility, transparency, and openness. Additionally, Omosehin stressed the importance of investing in technology, building trust and confidence in insurance, and ensuring institutions can compete favorably in terms of liquidity, capitalization, and expertise.
The Commissioner further emphasized the need for professionalism, integrity, strong corporate governance, and collaboration within the industry. These factors, he said, are key to achieving the vision of a more robust and competitive insurance sector in Nigeria.
Omosehin urged stakeholders to work together to foster growth and ensure the industry’s long-term success.
