By David Akinmola, Lagos
The National Insurance Commission (NAICOM) has revealed plans to strengthen regulatory capacity to drive business efficiency in the industry.
, the Commissioner for Insurance, Olusegun Omosehin, made the call during an interactive session with the journalists in Lagos, saying that the commission has become wary of the existing poor public perception of the industry.
The commission rolled out strategic plans centered on five key priorities that would guide the agency’s efforts to regulate the industry, supervise, and develop the insurance market in the country.
Omosehin, in his paper delivered at the meeting, reflected on the transition from a profit-driven private sector career to the new role focused on public service
about the significant mindset shift required to prioritize the public good and consumer protection over profitability.
“All my previous roles in the private sector were guided by one consideration—profitability,” Omosehin stated. “But with my new appointment as the leader of NAICOM, my priorities had to change drastically.
The first step is unlearning those profitability motives and relearning the importance of serving the public and defending the interests of the insurance consumers in the country.”
Omosehin noted that in the past three months of resumption, the has been deeply engaged in extensive consultations with key stakeholders, including the Nigerian Reinsurance Corporation (NRC), 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.
The commissioner, acknowledged the declining trust in the insurance industry, driven by instances where underwriting firms failed to meet their obligations.
He stressed that safeguarding policyholders’ interests is now NAICOM’s primary focus. “By protecting policyholders, we believe we can rebuild the public’s trust in our industry,” he stated.
He also points out that there is a need for the commission to enhance internal capabilities and the legal framework to enable decisive regulatory action. “We want NAICOM to have the same kind of powers that other financial regulators have, such as the Central Bank of Nigeria,” he explained.
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.
In addition, he talked about fostering innovation, which he 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,” Omosehin noted.
He also spoke passionately about Improving Accessibility and Penetration.
This includes enforcing compulsory insurance policies and ensuring that a broader segment of the population benefits from insurance coverage.
Omosehin underscored the role of the media in shaping public perception of the insurance industry. “I want to thank the media for their support and cooperation with NAICOM. Moving forward, I hope we can work even more closely together to project the sector positively and ensure that it receives the recognition it deserves,” he said.
He expressed optimism about the future of NAICOM and the insurance sector, believing that the foundations laid in recent months will lead to significant improvements in public trust and industry stability.
“The future of the Commission and the sector is brighter now than ever,” he concluded, promising regular engagements with stakeholders to sustain the momentum.
