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… Says recapitalisation will strengthen industry’s capacity
From Adanna Nnamani, Abuja
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin, has charged the Nigerian Insurers Association (NIA) to expand insurance penetration by reaching more than 100 million Nigerians who have never owned an insurance policy.
Omosehin gave the charge on Friday during the investiture ceremony of Mrs. Ebelechukwu Nwachukwu as the 27th Chairman and the first female chairman of the NIA.
He described Nwachukwu’s emergence as both historic and timely, noting that her appointment comes at a defining moment in the ongoing transformation of the country’s insurance industry.
According to the commissioner, the industry has moved beyond seeking relevance and is now focused on delivering value through reforms, stronger institutions and improved public confidence.
“Twelve months ago, President Bola Ahmed Tinubu signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law, providing a modern legal framework for the industry. Twenty-eight days from today, on July 31, 2026, the recapitalisation deadline will close, ushering in stronger and better-capitalised insurance companies,” he said.
Omosehin noted that the recapitalisation exercise was designed to strengthen the industry’s capacity, improve risk retention and enhance credibility, adding that the progress recorded in capital verification demonstrates the sector’s readiness to support the Federal Government’s aspiration of building a $1 trillion economy by 2030.
He, however, stressed that legislative reforms and stronger capital alone would not transform the industry without effective leadership and collaboration among operators.
The commissioner identified rebuilding public trust, improving enforcement of compulsory insurance and driving innovation as the three key priorities for the NIA under Nwachukwu’s leadership.
He urged insurers to make prompt claims settlement and quality customer service the hallmark of the industry, saying public trust remains the sector’s biggest challenge.
“Our biggest deficit is not capital. It is trust. Every claim paid promptly, every policy explained clearly and every customer treated fairly adds a block to the trust we must rebuild,” he stated.
Omosehin also called on the association to work closely with state governments, the Federal Road Safety Corps (FRSC), the Nigeria Police Force and other enforcement agencies to improve compliance with the country’s six compulsory insurance policies, noting that compliance remains below 30 per cent.
On innovation, he encouraged operators to take advantage of digital platforms, embedded insurance, microinsurance, Takaful and parametric insurance products to make insurance more accessible to farmers, traders and households.
Addressing the new NIA chairman directly, the commissioner charged her to unite the industry, raise professional standards and expand insurance penetration across the country.
“Grow penetration, not just premium. Take insurance to the 100 million Nigerians who have never seen a policy document,” he said.
Omosehin assured the new leadership of the commission’s continued support, pledging that NAICOM would continue to promote risk-based supervision, stronger corporate governance and consumer protection while ensuring strict compliance with market conduct and solvency requirements.
He expressed confidence that the industry is at a defining moment and urged stakeholders to seize the opportunity presented by the ongoing reforms to build a stronger, more resilient insurance sector capable of supporting the nation’s economic development.
