By Bisi Bamishe
The 25th chairman of Nigeria Insurers Association (NIA), Mr Segun Omosehin has promised to expand the frontiers of insurance through partnerships and stakeholder engagement during his tenure.
He made the declaration at his investiture ceremony which was witnessed by dignitaries like His Imperial Majesty Oba Oluwasegun Akinyomi, the Amapetu of Mainland who doubles as chairman, Ilaje council of traditional rulers, Igbokoda, Ondo State, held at Oriental Hotel in Lagos at the weekend.
In his acceptance speech, the new NIA chairman said, “It is with a deep sense of responsibility, humility, and total commitment to the ideals of our Association that I accept to serve together with my colleagues in the Governing Council. I am truly humbled by this opportunity to contribute my quota in the service of the association”
Omosehin made known that during his tenure, he would tackle four key areas which include market discipline, development and respect for market agreements, insurance awareness through a partnership with the media, human capacity building and the leveraging of technology and digital innovation in expanding the coast of the industry.
“During my tenure, we will collaborate with all players to enforce market discipline among member companies. As a self-regulatory organization, the Association works through peer pressure to promote best practices among operators”.
He added, “We will work very hard as leaders of the association to build trust and lead by example so that some of the issues relating to soft market practices and general indiscipline in the market are promptly dealt with. We shall ensure adherence to high ethical standards for our market which have been the pillars upon which the association was formed.
“Specifically, the NIA under my chairmanship will work with other stakeholders to ensure the enforcement of all compulsory insurance through effective collaboration with relevant agencies. We shall implement progressive market development initiatives and agreements as well as collaborate with the regulatory community particularly our primary regulator, NAICOM, on market-impacting regulations such as risk-based supervision”, he added.
In addition, he promised to explore training opportunities to build capacity in critical areas of the insurance business, saying that “We need to invest in human capital across the industry, embrace the talent that would be beneficial to our core objective. We need to grow our talent pool from within and embrace openness in our industry. We shall partner in building actuarial capacity for the overall benefit of the market”.
Born on August 13, 1967, in Abe-alala of the Ilaje Local Government Area of Ondo State, He started insurance practice in 1993 as staff of Crusader Insurance Plc.
A graduate of Political Science of the then Ondo State University and a holder of a Masters degree in International Law and Diplomacy from the University of Lagos,
Omosehin who became a chartered insurance professional in 1996, started insurance practice in 1993 as staff of Crusader Insurance Plc. Before joining Old Mutual Nigeria Life Assurance Company Limited where he currently serves as the Managing Director and Chief Executive Officer since 2020, he had previously worked at Custodian and Allied Insurance Plc where he served for about nine years, AIICO Insurance and Mutual Benefits Assurance Plc.
