NAICOM Calls for Value Creation in Insurance Sector Growth

The National Insurance Commission (NAICOM) has called on insurance operators to prioritize the value generated from the capital raised during the recent recapitalisation exercise, rather than the capital amount itself. This statement was made by Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, at the 2026 BusinessDay Insurance Conference, which was themed “From Capital to Capacity: Driving Growth, Innovation and Trust in Nigeria’s Insurance Sector.” Omosehin, represented by Clifford Ndubem, Head of Finance at NAICOM, stated that the success of the recapitalisation, which concluded on July 31, 2026, should be measured by improvements in underwriting strength, claims-paying ability, and customer satisfaction.

He emphasized the importance of technological advancement and innovation for insurers to remain competitive. Omosehin also highlighted that the industry must demonstrate tangible results from the additional capital, particularly in supporting infrastructure projects and enhancing public confidence.