NAICOM Reinstates Commitment to Building Virile Insurance Industry
Ebere Nwoji
The National Insurance Commission(NAICO), has reinstated its commitment to building virile insurance sector through strengthening of cross-sector collaboration for a more resilient, inclusive, and innovation-driven insurance industry in Nigeria.
The commission stated this at the 21st Insurers Committee Meeting held in Lagos.
The Commissioner for Insurance Mr Olusegun Ayo Omosehin addressing insurance Chief Executives at the meeting advocated advances risk-sharing and financial sector collaboration.
He highlighted the importance of strategic partnerships in enhancing portfolio risk sharing, optimising the insurance value chain, and aligning industry practices with national economic development priorities.
He reaffirmed NAICOM’s commitment to fostering a robust and policyholder-centric insurance ecosystem, emphasising that sustained progress within the industry would depend on deeper collaboration among insurers, banks, fintechs, and regulatory institutions, underpinned by forward-looking policy and regulatory frameworks.
The committee collectively agreed on the need for coordinated and deliberate action to address structural constraints, accelerate innovation, and strengthen consumer trust in the insurance sector.
Particular emphasis was also made on leveraging technology and cross-industry synergies to drive insurance penetration and improve service delivery outcomes nationwide.
On performance and service delivery, the Committee noted that NAICOM’s strong standing, currently ranked 1st in the business finance and risk optimisation cluster and overall on the PEBEC Reform Tracker, reflecting continued progress in regulatory efficiency and sectoral reforms.
