NAICOM boss unveils strategic priorities to guide regulate, supervise insurance industry
The Commissioner for Insurance/CEO National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has unveiled five strategic priority areas that will guide the plan to regulate, supervise the insurance industry.
He said in a media parley held in Lagos that underlined his transition from a profit-driven private sector entity to his new role focused on public service delivery.
According to him, “All my previous roles in the private sector were guided by one consideration – profitability, but with my new appointment as the leader of the Commission, my priorities had to change drastically. The first step was unlearning those profitability motives and relearning the importance of serving the public and defending the interests of consumers.”
He said ,”In the past three months, we have been deeply engaged in extensive consultations with key stakeholders, including the Nigerian Reinsurance Corporation (NigRe), the Nigerian Council of Registered Insurance Brokers (NCRIB), lawmakers overseeing the insurance sector, and consumer advocacy groups. These discussions have culminated in a strategic blueprint that will shape the future of the insurance sector in Nigeria.”
He gave the five key priorities are as:
“Rebuilding Public Confidence: The Commissioner acknowledged the declining trust in the insurance industry, driven by instances where insurers failed to meet their obligations. He emphasized that safeguarding policyholders’ interests is now NAICOM’s primary focus. By protecting policyholders, we believe we can rebuild the public trust in our industry,”.
“Strengthening NAICOM’s Regulatory Capacity: He highlighted the need to enhance NAICOM’s internal capabilities and the legal framework to enable decisive regulatory action. We want the Commission to have the same kind of powers that other financial regulators have, such as the Central Bank of Nigeria”.
“Ensuring Financial Soundness: The Commissioner stressed the importance of financial stability among insurance operators. He indicated that NAICOM might consider raising minimum capital requirements to strengthen the sector’s financial soundness.”
“Fostering Innovation: Innovation was identified as a critical driver of growth. To this end, NAICOM plans to establish a new directorate focused on encouraging innovative ideas within the industry. We believe that innovation is key to driving growth and development in the insurance sector.”
“Improving accessibility and penetration of insurance In Nigeria.”
