NAICOM Urges Insurers to Prioritize Policyholder Protection

The National Insurance Commission (NAICOM) has charged newly licensed insurance companies to prioritize policyholder protection and utilize their recapitalization funds prudently as they commence operations under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025). Commissioner for Insurance, Olusegun Ayo Omosehin, issued this directive following the issuance of new licenses to companies that met the minimum capital requirements under NIIRA 2025.

Omosehin emphasized the importance of effective capital deployment to support sustainable business growth, warning against practices that could jeopardize financial strength and obligations to policyholders. He called for a departure from unethical practices of the past, advocating for enhanced corporate governance, transparency, and accountability.

The commissioner stated that the success of ongoing reforms hinges on collective commitment from all stakeholders to build a stronger and more credible insurance industry. He reiterated that insurance companies must consistently fulfill their obligations to deepen public trust and confidence in the sector.