NAICOM Reaffirms Commitment to Strengthening the Nigerian Insurance Industry

Ebere Nwoji‎

‎The National Insurance Commission (NAICOM) has reaffirmed its pledge to develop a strong insurance sector by enhancing cross‑sector collaboration for a more resilient, inclusive, and innovation‑driven industry in Nigeria.

The statement was made at the 21st Insurers Committee Meeting in Lagos.

Commissioner for Insurance Mr. Olusegun Ayo Omosehin addressed the insurance chief executives, urging greater risk‑sharing and cooperation with the financial sector.

He stressed the value of strategic partnerships in improving portfolio risk sharing, optimizing the insurance value chain, and aligning industry practices with national economic development goals.

‎He reaffirmed NAICOM’s commitment to building a robust, policyholder‑centric insurance ecosystem, noting that sustained progress would rely on deeper collaboration among insurers, banks, fintechs, and regulatory bodies, supported by forward‑looking policy and regulatory frameworks.

‎The committee agreed on the necessity of coordinated, deliberate action to tackle structural constraints, speed up innovation, and bolster consumer trust in the insurance sector.

Special emphasis was placed on leveraging technology and cross‑industry synergies to increase insurance penetration and improve service delivery nationwide.

‎Regarding performance and service delivery, the committee highlighted NAICOM’s strong standing, currently ranked first in the business finance and risk optimisation cluster and overall on the PEBEC Reform Tracker, reflecting ongoing progress in regulatory efficiency and sectoral reforms.