NAICOM Reaffirms Commitment to Strengthening Insurance Sector

The National Insurance Commission (NAICOM) reaffirmed its commitment to building a virile insurance industry during the 21st Insurance Committee meeting held in Lagos. Mr. Olusegun Ayo Omosehin addressed insurance chief executives, advocating for advancements in risk-sharing and collaboration within the financial sector.

He highlighted the importance of strategic partnerships to enhance portfolio risk-sharing and optimize the insurance value chain, aligning industry practices with national economic development priorities. NAICOM emphasized the need for deeper collaboration among insurance companies, banks, fintech firms, and regulatory institutions to foster a robust policyholder-centric insurance ecosystem.

The commission also stressed the importance of leveraging technology and cross-industry synergies to drive insurance penetration and improve service delivery outcomes nationwide. NAICOM's strong position is reflected in its current ranking as 1st in business finance risk optimization, as noted in the PEBEC reform tracker, which indicates ongoing progress in regulatory efficiency and sector reform.