NAICOM, Abia State partner to strengthen investment, deepen insurance penetration
The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, led a high-level delegation from Nigeria’s insurance industry on a courtesy visit to the Governor of Abia State, His Excellency Dr. Alex Otti, OFR, at the Government House in Umuahia.
Their discussions focused on strategic collaboration between Abia State and the Nigerian insurance sector to safeguard economic activities, mitigate risks, and enhance investor confidence.
Omosehin said that a robust insurance system is fundamental to protecting business investments and securing livelihoods across critical sectors of the Abia economy.
Highlighting recent reforms in the industry, the Commissioner assured Governor Otti and his Executive Council that the newly established Insurance Policyholders’ Protection Fund (IPPF) will reinforce industry stability. He explained that the Fund, instituted by NAICOM under the provisions of NIIRA2025, is designed to safeguard policyholders’ interests by ensuring prompt and equitable settlement of valid claims, thereby strengthening consumer trust and market confidence.
Governor Otti commended NAICOM’s leadership for the measurable progress achieved in the insurance sector. He pledged his administration’s full support in fostering a sustainable partnership with the insurance industry to enhance risk management, expand insurance awareness, and build economic resilience within Abia State.
The delegation included the Deputy Commissioner (Finance & Administration), Mr. Ekerete Ola Gam-Ikon, alongside presidents and senior executives from 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).
