Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) and the Abia State Government have agreed to deepen collaboration aimed at protecting investments, strengthening risk management, and boosting economic resilience in the state.
This formed the focus of discussions when the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, led a delegation of insurance industry stakeholders on a courtesy visit to Governor Alex Otti at the Government House in Umuahia on Monday.
Speaking during the visit, Omosehin said a strong insurance sector remains critical to safeguarding business activities, mitigating risks, and enhancing investor confidence.
He noted that insurance plays a vital role in protecting investments and securing livelihoods across key sectors of the economy.
The Commissioner highlighted ongoing reforms in the industry, including the establishment of the Insurance Policyholders’ Protection Fund (IPPF), which he said would strengthen confidence in the insurance market and provide an additional layer of protection for policyholders.
According to him, the fund, established under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, is designed to ensure prompt and equitable settlement of valid claims while reinforcing consumer trust in the sector.
Governor Otti commended the insurance regulator for the progress recorded in the industry and expressed readiness to work closely with stakeholders to improve insurance penetration and risk management practices in the state.
He also pledged his administration’s support for initiatives aimed at expanding insurance awareness and building economic resilience among businesses and residents.
The delegation included the Deputy Commissioner for Insurance (Finance and Administration), Mr. Ekerete Ola Gam-Ikon, as well as leaders and senior executives of the Nigerian Council of Registered Insurance Brokers (NCRIB), Nigerian Insurers Association (NIA), Chartered Insurance Institute of Nigeria (CIIN), and the Institute of Loss Adjusters of Nigeria (ILAN).
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