The National Insurance Commission (NAICOM) has set its sights on bolstering the safety and soundness of Nigeria’s insurance sector, outlining five key strategic priorities aimed at driving growth and reform. Speaking at the Chartered Insurance Institute of Nigeria’s (CIIN) 2024 Insurance Professionals’ Forum in Abeokuta, Ogun State, Commissioner for Insurance, Mr. Olusegun Omosehin, emphasized the need for safeguarding policyholders and restoring public confidence in the industry.
Omosehin highlighted the Commission’s focus on strengthening supervisory and regulatory capabilities, improving the financial stability of the insurance sector, fostering innovation and sustainability, and increasing accessibility and penetration of insurance products across the country. He underscored the importance of adopting risk-based supervision and capital management as essential tools for insurance operators to remain competitive globally.
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Omosehin stressed the need for a strong financial base within the industry, adding that the Commission would prioritize ensuring the soundness of the sector’s regulated entities. He pointed out that financial soundness and stability are increasingly critical due to global economic challenges, such as the COVID-19 pandemic, climate change, inflation, and technological advancements, all of which have impacted the global financial markets.
Reflecting on the forum’s theme, “The Insurance Industry: Transformation Strategies towards Expanding Market Reach,” Omosehin said it was timely, calling on industry professionals to capitalize on the current dynamics of Nigeria’s economy and government policies. He emphasized the need for innovation, urging insurers to develop products that cater to modern consumer preferences, as well as invest in technology to stay relevant in an increasingly digital world.
President of the CIIN, Mrs. Yetunde Ilori, echoed these sentiments, noting that the insurance sector has an unprecedented opportunity for digital transformation. She highlighted the potential of AI-driven underwriting, blockchain in claims management, and new models like on-demand insurance to reshape the industry. Ilori stressed that transformation is not only about technology but also about fostering a customer-centric mindset, building trust, and offering transparency in business operations.
Increasing insurance penetration and expanding access to insurance products across Nigeria remain key goals for NAICOM. Omosehin reiterated the Commission’s commitment to improving coverage, particularly in underserved regions, and stressed that integrity and trust are essential to fostering consumer confidence in the industry.
“Trust is at the heart of insurance. We must build and maintain it if we are to see any real growth,” Omosehin said, adding that strong corporate governance is critical for the long-term success of the insurance sector.
NAICOM, according to Omosehin, is committed to enforcing corporate governance standards to ensure insurance entities meet regulatory demands while contributing significantly to Nigeria’s economic development. He added that the quality of strategies and decision-making processes within insurance companies would be key to their contribution to national growth.
The forum underscored the need for insurance professionals to focus on professionalism, prompt claims settlement, and adopting best practices that can drive the industry forward in a rapidly evolving economic landscape.
