NAICOM's Olusegun Omosehin Aims for Insurance Firm Success

Mr. Olusegun Omosehin, the Commissioner for Insurance, revealed that the National Insurance Commission (NAICOM) initially intended for all insurance underwriting firms to successfully navigate the recapitalisation exercise, which resulted in the withdrawal of operating licenses from six firms. Omosehin explained that his administration made significant efforts to support all insurance operators, urging those struggling to consider mergers.

He held closed-door meetings with companies showing signs of financial instability, where he encouraged collaboration among firms. The primary goal of the recapitalisation was to strengthen the balance sheets of insurance firms and enhance their capacity to manage large and complex risks.

Omosehin expressed his desire for no insurance company licenses to be canceled, emphasizing NAICOM's commitment to market sustainability.