Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) has called on insurance operators to prioritise prompt claims settlement, deepen innovation and strengthen enforcement of compulsory insurance ahead of the July 31 recapitalisation deadline.
Commissioner for Insurance, Olusegun Ayo Omosehin, said the recapitalisation exercise, together with the Nigerian Insurance Industry Reform Act (NIIRA) 2025, would produce stronger and more resilient insurance companies capable of supporting Nigeria’s economic ambitions.
Speaking at the investiture of Mrs. Ebelechukwu Nwachukwu as the 27th Chairman and first female chairman of the Nigerian Insurers Association (NIA), Omosehin said the industry had moved beyond seeking relevance to demonstrating its value.
He said NAICOM was encouraged by the level of compliance recorded in the capital verification exercise, with several insurers already meeting or surpassing the new minimum capital requirements.
Describing public confidence as the industry’s biggest challenge, the Commissioner urged insurers to make prompt claims settlement and quality customer service their competitive advantage.
“Our biggest deficit is not capital. It is trust. Every claim paid promptly, every policy explained clearly and every customer treated fairly adds a block to the trust we must rebuild,” he said.
Omosehin also urged the association to work closely with governments and law enforcement agencies to improve compliance with compulsory insurance, noting that adherence to the legal requirements remains below 30 percent.
He stressed the need for insurers to leverage digital technology, microinsurance, Takaful and other innovative products to expand access to insurance, particularly among underserved Nigerians.
Congratulating Nwachukwu on her emergence as the first woman to chair the association, Omosehin described her appointment as a milestone for the industry and expressed confidence in her ability to unite operators, promote professionalism and drive insurance penetration.
He reaffirmed NAICOM’s commitment to maintaining risk-based supervision, consumer protection and sound corporate governance as the industry undergoes transformation.
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