NAICOM's Omosehin Leads Insurance Sector Recapitalisation

Olusegun Ayo Omosehin has served as the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM) since 2024. Under his leadership, the Nigerian insurance industry has undergone significant changes, particularly with the successful completion of the recapitalisation exercise mandated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

This initiative aimed to strengthen the financial capacity of insurance operators, resulting in improved capital positions for compliant companies. Omosehin's extensive experience in the insurance sector, spanning over three decades and including leadership roles at various insurance firms, has informed his approach to enhancing the industry's role in Nigeria's economic development.

Central to his reforms is the establishment of the Insurance Policyholders’ Protection Fund, which aims to safeguard policyholders and ensure that their interests are prioritized. Additionally, NAICOM is moving towards risk-based regulation to align capital requirements with individual risks, further enhancing the industry's resilience and service delivery.