Commissioner for Insurance, National Insurance Commission, NAICOM, Mr. Olusegun Ayo Omosehin, has charged the Nigerian Insurers Association, NIA, to lead the rebuilding of public trust in insurance as the industry enters a new phase of transformation.
“The foundation is set. NIIRA 2025 gave us the legal framework. Recapitalisation is giving us stronger, better capitalised institutions. Now, leadership must build,” he stated.
He outlined three key responsibilities for the NIA under the new leadership, which are: Leadership in Trust: to make claims excellence a market-wide culture. Publish claims ratios and compete on service. Leadership in Enforcement: compliance with the six classes of compulsory insurance in partnership with state governments and law enforcement agencies. As well as Leadership in Innovation: Scale digital channels, microinsurance, Takaful, and parametric covers to grow penetration beyond 1%.
Omosehin reaffirmed NAICOM’s commitment to risk-based supervision, stronger governance, and consumer protection under NIIRA 2025.
He charged the new Chairman to unite the market, raise the bar, and expand the pie by taking insurance to the over 100 million Nigerians who have never owned a policy.
“The Nigerian insurance industry stands at a defining inflection point. The laws have changed. The capital base is changing. Now we must transform how we serve the Nigerian people,” he concluded.
