NAICOM Calls for Stronger Insurance Role in Nigeria's Economy

At the 2026 Insurance Professional Forum of the Chartered Insurance Institute of Nigeria in Abeokuta, Ogun State, Olusegun Omosehin, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), stated that the Nigerian insurance industry must strengthen its financial capacity, adopt technology, improve claims settlement, and rebuild public confidence to effectively contribute to the nation's economic transformation. Omosehin described insurance as a crucial infrastructure for economic development and stability, highlighting the industry's new phase following recent regulatory reforms.

He noted that the changing risk environment necessitates insurers to adopt advanced technologies such as predictive analytics and climate intelligence. The recapitalisation exercise aims to build institutions capable of retaining larger risks and investing in technology.

Omosehin introduced a Policyholder Protection Fund to safeguard policyholders in case of institutional failures and urged insurance professionals to continuously upgrade their skills in the evolving landscape influenced by artificial intelligence and digital platforms.