NAICOM Urges Insurers to Enhance Capacity from Capital

The National Insurance Commission (NAICOM) has called on insurance companies to convert the capital raised during the sector’s recapitalisation into stronger underwriting capacity, quicker claims settlements, and enhanced customer service. Commissioner for Insurance, Olusegun Omosehin, represented by Julius Odidi, Head of NAICOM’s Lagos Control Office, spoke at a conference titled “From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria’s Insurance Sector.” Omosehin stated that the success of recapitalisation should be evaluated based on the additional capacity created rather than just the capital injected.

He emphasized that financial strength should enable insurers to take on larger risks and improve public confidence. Omosehin identified key growth areas such as population growth and digital economy expansion, urging insurers to leverage technology and data analytics to meet evolving consumer needs.

He also stressed the importance of claims payment as a measure of commitment to policyholders and highlighted the need for stronger human capital to address emerging risks.