The National Insurance Commission (NAICOM) has outlined a strategic plan to enhance the safety, soundness, and competitiveness of Nigeria’s insurance sector. During the Chartered Insurance Institute of Nigeria’s 2024 Insurance Professionals’ Forum held in Abeokuta, Ogun State, Commissioner for Insurance, Mr. Olusegun Omosehin, identified five critical priorities aimed at driving the industry forward.
Mr. Omosehin emphasized that the Commission is committed to safeguarding policyholders while restoring public confidence in the insurance sector. He also highlighted the importance of strengthening supervisory and regulatory capabilities, fostering innovation, and ensuring the industry’s sustainability. These efforts are expected to improve the safety and soundness of regulated entities and increase the accessibility and penetration of insurance products nationwide.
To remain competitive globally, Mr. Omosehin stressed that Nigerian insurance operators must adopt risk-based supervision and risk-based capital standards. According to him, a strong financial base is crucial for the industry to successfully manage risks for existing and potential customers. He reaffirmed NAICOM’s commitment to pursuing these priorities to ensure the long-term health and stability of the sector.
With this reform agenda, NAICOM aims to position Nigeria’s insurance industry as a major player on the global stage, while ensuring better protection for policyholders and fostering trust in the system.
