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The Insurers Committee has thrown its weight behind the National Insurance Commission’s (NAICOM) proposed cybersecurity guidelines, describing the initiative as a forward-looking strategy to protect the sector from emerging digital threats while unlocking new opportunities for growth.
The endorsement was made by Mr. Moruf Apampa, Vice Chairman of the Insurers Committee’s Subcommittee on Communication and Stakeholder Engagement, during the committee’s 18th meeting held at the Nigerian Insurers Association (NIA) headquarters in Lagos. Apampa also serves as the Chief Executive Officer of NSIA Insurance.
The Insurers Committee—comprising NAICOM officials and chief executives of licensed insurance companies—serves as a high-level advisory and consultative platform for shaping regulatory and operational frameworks within the sector.
“NAICOM is proactively addressing cyber risks. During our last meeting, the Commission engaged a cybersecurity consultant to sensitise operators and initiate a broader industry response,” Apampa disclosed during a post-meeting media briefing. “The forthcoming cybersecurity guidelines are designed to anticipate and mitigate emerging threats, while also positioning the industry to tap into cyber insurance opportunities.”
He noted that the insurance sector remains uniquely positioned to underwrite and manage risks associated with the rapidly evolving digital economy, making it imperative for operators to align with the regulator’s proactive posture.
Claims Management, Enforcement and Regulatory Oversight
On the issue of claims settlement, Apampa reported that NAICOM acknowledged improvements in claims payment across the industry, while urging insurers to sustain and build on the progress.
“Although NAICOM flagged concerns over outstanding claims, the Commissioner commended operators for the significant strides made recently. He emphasised that seamless claims processing remains a regulatory priority,” Apampa said.
He added that insurers must prioritise transparency and fairness in claims handling, cautioning against practices that could undermine consumer trust.
“Operators should always look for ways to honour genuine claims promptly rather than seek grounds for denial. This is critical to strengthening industry credibility,” he said.
In terms of third-party insurance enforcement, Apampa noted that NAICOM is enhancing regulatory frameworks and processes to ensure greater compliance and more efficient claims settlement for third-party policies.
“While we are increasing public awareness around third-party insurance, NAICOM is working to streamline the claims process, making it more efficient and transparent,” he added.
The Insurers Committee reaffirmed its commitment to collaborating closely with NAICOM to foster a resilient, digitally aware, and policyholder-centric insurance sector capable of addressing modern risks and regulatory expectations.
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