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The National Insurance Commission (NAICOM) has reiterated its commitment to ensuring strict compliance with regulatory standards across the insurance industry to foster transparency, accountability, and sector growth.
This assurance was delivered by the Commissioner for Insurance, Mr. Olusegun Omosehin, during the Insurance Industry Consultative Council Media Retreat held at the College of Insurance and Finance Management in Aseese, Ogun State. Omosehin was represented by Dr. Julius Odidi, Deputy Director and Head of NAICOM’s Lagos Control Office, who delivered the keynote address.
“NAICOM remains steadfast in enforcing policies that promote transparency, accountability, and solvency, ensuring that the insurance industry remains stable, prosperous, and trustworthy,” Omosehin stated.
He emphasized that the Commission would continue to prioritize full compliance with regulatory standards across the sector. “There are compliance issues, and to leave no one in doubt, the Commission is determined to ensure one hundred per cent adherence to regulatory standards by all stakeholders. This commitment will enhance the ease of doing business while driving the growth and development of the insurance industry,” he added.
Highlighting the achievements and challenges of the insurance sector in 2024, Omosehin noted significant strides under NAICOM’s oversight, including improved regulatory frameworks, greater public awareness of insurance, and strengthened partnerships with stakeholders.
“While we have made notable progress this year, there is still much work to be done to further develop the industry and expand its contributions to Nigeria’s economy,” he remarked.
One key area of focus has been financial inclusion. Omosehin explained that NAICOM has worked tirelessly to extend access to affordable insurance products and services, particularly in underserved regions.
“The adoption of technology-driven solutions has been instrumental in enhancing efficiency, reducing turnaround times, increasing market penetration, and providing innovative services that meet the evolving needs of customers and stakeholders,” he said.
As NAICOM looks ahead, its emphasis on enforcing regulatory compliance and leveraging technology-driven innovation will remain central to its efforts to strengthen Nigeria’s insurance industry and boost its contribution to the national economy.
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