The National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA) have pledged to enhance insurance penetration and assure policyholders of maximum protection.
This commitment was made during a recent visit by the newly appointed Commissioner for Insurance, Mr. Olusegun Omosehin, and his deputies, Dr. Usman Jankara and Dr. Olawoye Gam-Ikom, to the NIA head office in Lagos.
Mr. Omosehin emphasized his dedication to fostering a robust and stable insurance industry. “My mandate is to ensure a very safe, sound, and stable insurance sector that can protect policyholders and consumers, and build public trust in the insurance industry,” he stated.
The NAICOM outlined several key initiatives, including increasing insurance penetration, ensuring efficient claims settlements, and enforcing compliance with industry regulations.
In response, NIA members, represented by their Chief Executive Officer (CEO), discussed their concerns and expectations to help realize NAICOM’s vision.
NAICOM is also revisiting the placement of insurance business adverts for greater visibility and awareness, while the NIA is establishing a claims payment committee to facilitate prompt settlements. The regulatory body is enforcing insurance for public buildings and construction projects to ensure safety and is set to enhance collaboration with government agencies for regulatory efficiency.
Additionally, NAICOM is digitalizing agency license processes for improved speed and convenience, reconstituting the Insurance Industry Consultative Council (IICC) committee to drive industry growth, supporting the implementation of the Nigerian Insurance Industry Portal (NIIP) for better digitalization and accessibility, collaborating with the National Pension Commission (PenCom) on group life enforcement, and establishing a maximum retention period for claims records to improve data management.
This visit marks a significant step towards greater collaboration between NAICOM and the NIA, aiming to build a more inclusive, responsive, and transparent insurance industry in Nigeria.
