By Bisi Bamishe
The National Insurance Commission has vowed to ensure that insurance operations obey industry regulations.
Deputy Director and Head, NAICOM Lagos Control Office, Dr. Julius Odidi made this known over the weekend at the 2024 annual Insurance Industry Consultative Council (IICC) Media Retreat held at the College of Insurance and Finance Management, Aseese, Ogun State
Delivering the keynote address on behalf of the Commissioner for Insurance Mr Olusegun Omosehin, he stated that NAICOM has continued to enforce policies that promote transparency, accountability, and solvency, ensuring that the insurance industry remains stable, prosperous, and trustworthy.
“There are compliance issues and not to leave anyone in doubt, the Commission is out to ensure compliance to regulatory standards is one hundred per cent observed and adhered to by all and sundry. This, the Commission believes will enhance the ease of doing business and drive insurance growth and development,” he said.
According to him, there were major areas the insurance industry focused on to boost growth and contribution to Nigeria’s economy in 2024.
Reflecting on the progress made in 2024 by NAICOM, and looking forward to the year ahead, he acknowledged that the industry, under the watchful eye of the Commission has made significant strides.
Highlighting the achievements made he said, “We have seen improvements in regulatory frameworks, increased awareness of the importance of insurance, and a more robust partnership with stakeholders. However, there is still much work to be done.’’
Speaking on Enhancing financial inclusion he stated, “We have worked tirelessly to ensure that more Nigerians, especially in underserved regions, have access to affordable insurance products and services. The shift toward technology-driven solutions in the insurance sector has been crucial in driving efficiency, improving turnaround time, increasing market penetration, and providing innovative services to meet evolving customers and stakeholders needs.”
