NAICOM urges insurers to convert recapitalisation into capacity, innovation
National Insurance Commission NAICOM
Nike Popoola
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has urged insurance companies to translate the gains of recapitalisation into stronger underwriting capacity, improved claims settlement, technological advancement and greater public trust.
Omosehin made the call in his keynote address at the BusinessDay Insurance Conference 2026, themed, “From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria’s Insurance Sector.”
He said the theme was particularly relevant as the insurance industry had concluded its recapitalisation exercise, stressing that financial strength must serve as a means of building institutional capacity rather than an end in itself.
According to him, “Capital without capacity is merely a number on a balance sheet,” adding that capital becomes meaningful when it translates into better service delivery, stronger governance, product innovation and improved customer experiences.
The commissioner challenged industry stakeholders to focus on what the capital raised was achieving, including strengthening underwriting capacity, enhancing claims-paying ability, improving customer satisfaction and increasing public confidence.
He identified Nigeria’s expanding population, entrepreneurial activities, infrastructure investments, digital economy, agricultural transformation initiatives and evolving middle class as areas presenting significant opportunities for insurance growth.
Omosehin, however, noted that seizing these opportunities would require institutions with sufficient capacity to underwrite major infrastructure projects, retain more risks within the domestic market, develop products for emerging risks and extend insurance protection to underserved communities.
He also described innovation as essential to the continued relevance of the industry, urging insurers to leverage technology, data analytics and artificial intelligence responsibly to simplify processes and deliver affordable, accessible and customer-focused solutions.
On public confidence, the NAICOM chief executive emphasised the importance of consumer protection and claims settlement, stating that claims payment remained the most visible proof of insurance value.
He said every settled claim strengthened confidence, while delayed claims and unresolved complaints could weaken trust in the industry.
Omosehin further called for investments in human capital, professional education, ethical leadership and continuous learning to equip insurance professionals to manage emerging risks, including cyber threats, climate-related risks, supply chain disruptions and artificial intelligence risks.
He stressed that building a stronger insurance industry required collaboration among regulators, insurers, brokers, the media and policyholders.
He said the sector must become financially strong, technologically advanced, customer-focused and globally competitive in order to support Nigeria’s economic transformation.
