In his first 100 days as the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin has taken decisive steps to revamp Nigeria’s insurance industry, prioritizing public trust, claims settlement, and operational soundness.
Omosehin, who assumed office on May 3, 2024, has restructured NAICOM’s internal framework, placing an emphasis on staff capacity building. His aim is to ensure effective implementation of policies and regulations, all while working to restore public confidence in the sector. At the heart of his vision is a pledge to place policyholders’ interests first and minimize delays or denials in claims settlements—a key issue that has long plagued the industry.
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During a media briefing in Lagos, Omosehin laid out five strategic pillars for his tenure. These include restoring public trust, engaging stakeholders, projecting a more robust insurance market, enhancing consumer confidence, and preparing the industry for Nigeria’s projected $1 trillion economy by 2030.
Omosehin stressed the importance of the sector’s integrity and issued a warning to operators, emphasizing that attitudes towards claims settlements must change. “Any act that further erodes public confidence will not be tolerated,” he said, reiterating his commitment to uphold the principles of utmost good faith in the industry.
In addition to his regulatory reforms, Omosehin has established a new legal directorate within NAICOM to address legal matters and ensure the enforcement of regulations. He is also focused on strengthening the capacity of insurance companies to meet their statutory obligations, all with the goal of positioning the sector as a trusted pillar of Nigeria’s financial landscape.
Reflecting on his transition from the private sector, where profitability was the primary goal, Omosehin shared how his new role requires a shift in mindset. “My priority now is the public good and the protection of consumers,” he said, expressing optimism about the future of the industry. His first 100 days have included consultations with key stakeholders, consumer groups, and legislators, all contributing to a blueprint for the sector’s growth and reform.
Omosehin’s leadership marks a new chapter for NAICOM, as the Commission works to build a more transparent, accountable, and consumer-focused insurance industry.
