NAICOM Pushes Insurance Trust Reform Drive - InsideBusiness - Business News in Nigeria
TheNational Insurance Commission (NAICOM)has called on theNigerian Insurers Association (NIA)to take the lead in rebuilding public confidence as Nigeria’s insurance sector enters a new reform phase. Speaking. . .
TheNational Insurance Commission (NAICOM)has called on theNigerian Insurers Association (NIA)to take the lead in rebuilding public confidence as Nigeria’s insurance sector enters a new reform phase. Speaking in Abuja, the Commissioner for Insurance,Mr Olusegun Ayo Omosehin, described the emergence ofMrs Ebelechukwu B. Nwachukwuas the 27th and first female chairman of the NIA as “historic and timely”. He said the industry is now operating at a critical moment following the signing of theNigerian Insurance Industry Reform Act (NIIRA 2025)and the approaching end of the recapitalisation exercise set for 31 July 2026. “The foundation is set. NIIRA 2025gave us the legal framework. Recapitalisation is giving us stronger, better-capitalised institutions. Now, leadership must build,” Omosehin said. The NAICOM boss also praised outgoing chairmanMr Kunle Ahmedfor what he called purposeful leadership and support during the passage of the reform law. He outlined three major priorities for the new NIA leadership. First is rebuilding trust by making claims excellence a standard across the market and publishing claims ratios to encourage healthy competition. Second is stronger enforcement of compulsory insurance rules, working with state governments and security agencies. Third is innovation through digital platforms,microinsurance,Takaful, and parametric products to expand coverage. Omosehin reaffirmed NAICOM’s commitment to risk-based supervision, stronger corporate governance, and better consumer protection under theNIIRA 2025 framework. He urged the new leadership to “unite the market, raise the bar, and expand the pie” by extending insurance services to more than 100 million Nigerians who currently have no coverage. “The Nigerian insurance industry stands at a defining inflection point. The laws have changed. The capital base is changing. Now we must transform how we serve the Nigerian people,” he said. He added that NAICOM will continue to support the new NIA leadership as the industry works towards deeper reform and wider inclusion. Post Views:60