The National Insurance Commission (NAICOM) has called on insurance professionals to avoid unethical practices and work towards enhancing public trust in the sector. Segun Omosehin, Commissioner for Insurance and CEO of NAICOM, delivered this message during the 21st Professional Forum of the Chartered Insurance Institute of Nigeria (CIIN), held on September 12 in Abeokuta, Ogun State.
The forum, themed “The Insurance Industry: Transformation Strategies Towards Expanding Market Reach,” focused on the challenges and opportunities facing the insurance sector. Omosehin emphasized that achieving market expansion and growth requires a comprehensive approach, including the development of new skill sets, talent retention, product diversification, and technological investment.
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Omosehin highlighted the importance of transparency and integrity within the industry, urging insurance professionals to conduct their business ethically to avoid damaging the reputation of the sector. He stressed that fostering trust and confidence among consumers is critical to increasing insurance penetration across the country.
“Professionalism and ethics are key to building a sustainable insurance industry. Practitioners must prioritize integrity and avoid actions that could bring disrepute to the profession,” he said.
He also noted that risk-based supervision and capital are essential for the industry’s competitiveness on a global scale. According to Omosehin, a strong financial base, sound corporate governance, and cooperation among stakeholders are vital for the success of any transformation strategies aimed at boosting the insurance market.
NAICOM remains focused on ensuring the accessibility of insurance products nationwide and will continue to prioritize the safety and soundness of regulated entities. The Commissioner called for collaboration among industry stakeholders to drive growth and innovation in the sector.
