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By Henry Uche
National Insurance Commission (NAICOM) has intensified efforts to strengthen economic resilience and financial protection in Abia State, following a strategic discussions with the State governor, Alex Otti aimed at deepening insurance penetration and safeguarding businesses, investments and livelihoods.
The discourse took place when they Commissioner for Insurance Mr. Olusegun Ayo Omosehin led a delegation to the government house in Umuahia yesterday, pledging stronger partnership on safeguarding economic activities and upholding policyholders protection.
NAICOM in a statement confirmed that discussions focused on mitigating risks and enhancing investor confidence. Mr. Omosehin underscored that a robust insurance system is fundamental to protecting business investments and securing livelihoods across critical sectors of Abia economy.
Highlighting recent reforms, the Commissioner assured Governor Otti and his Executive Council that the newly established Insurance Policyholders’ Protection Fund (IPPF) will reinforce industry stability. He explained that the Fund, instituted by NAICOM under the provisions of NIIRA 2025, is designed to safeguard policyholders’ interests by ensuring prompt and equitable settlement of valid claims, thereby strengthening consumer trust and market confidence.
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Governor Otti commended NAICOM’s leadership for the measurable progress achieved in the insurance sector. He pledged his administration’s full support in fostering a sustainable partnership with the insurance industry to enhance risk management, expand insurance awareness, and build economic resilience within Abia State.
The delegation included the Deputy Commissioner (Finance & Administration), Mr. Ekerete Ola Gam-Ikon, alongside presidents and senior executives from the Nigerian Council of Registered Insurance Brokers (NCRIB), Nigerian Insurers Association (NIA), Chartered Insurance Institute of Nigeria (CIIN), and the Institute of Loss Adjusters of Nigeria (ILAN).
