NAICOM reaffirms commitment to stronger, more inclusive insurance industry
National Insurance Commission NAICOM
NAICOM reaffirms commitment to stronger, fairer insurance industry
Nike Popoola
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, has reaffirmed the National Insurance Commission’s (NAICOM) commitment to building a stronger, fairer, and more inclusive insurance industry in Nigeria.
Omosehin gave the assurance on Friday at the 2025 NAICOM Seminar for Insurance Journalists held in Abeokuta, where he highlighted the Commission’s recent milestones and reforms.
He noted that NAICOM has made significant progress in strengthening regulation, protecting policyholders, and promoting innovation to deepen insurance penetration across the country.
According to him, one of the Commission’s major achievements is the adoption of risk-based supervision, which helps to identify high-risk areas, improve risk awareness among insurers, and balance oversight with industry growth.
NAICOM has also tightened disclosure requirements, ensured fairer pricing, improved claims handling, and introduced faster complaint resolution mechanisms to protect policyholders.
The Commissioner explained that the Commission has enhanced the quality and timeliness of regulatory returns, making it easier to detect risks early, benchmark company performance, and promote greater transparency.
He added that NAICOM has expanded microinsurance, Takaful, InsurTech, and web aggregator models to bring coverage to farmers, MSMEs, transport operators, and digital marketplace participants.
On innovation, Omosehin said the Commission has established an Innovation Hub and Regulatory Sandbox to test new solutions such as embedded insurance, usage-based pricing, and parametric products.
He also noted stronger partnerships with regulators and public agencies to drive compulsory insurance enforcement, cyber resilience, fraud prevention, and financial inclusion.
Omosehin assured stakeholders that NAICOM would continue to pursue reforms that balance effective regulation with sustainable market growth.
“Our overall goal is to safeguard policyholders while supporting innovation and inclusiveness in the insurance sector,” he said.
