By Bisi Bamishe
The Chief executive officer of National lnsurance Commission (NAICOM), Mr Olusegun Omosehin. has provided an overview of the Commission’s key achievements under the current leadership.
Speaking at 2025 NAICOM seminar for insurance journalists held at Abeokuta, Omosehin highlighted the Commission’s successes and milestones.
According to him, major achievements made so far by NAICOM include:
i. Stronger supervision, without slowing healthy growth. Dedicated to striking a balance between robust supervision and sustainable growth. By leveraging advanced risk-based supervision methodologies, we have optimized our regulatory framework to:
• ldentify and address high risk areas: Focusing our inspection and monitoring efforts on sectors and institutions that pose the greatest risks to market stability.
• Promote risk informed decision making: Ensuring that boards and management of the industry align their capital, controls, and strategy with their risk profile, fostering a culture of risk awareness and risk management.
ii. Cleaner market conduct and faster redress.
We have significantly elevated the standards for transparency and accountability in the insurance industry by tightening expectations on:
• Disclosure requirements: Ensuring policyholders receive clear and concise information about their insurance products.
• Sales practices: Promoting fair and transparent sales practices that prioritize policyholders’ interests.
• Pricing fairness: Ensuring insurance products are priced fairly and without bias.
• Claims handling: Streamlining claims processing and ensuring prompt settlement of genuine claims
iii. To further enhance policyholder protection, we have:
• Shortened response windows for complaints: Ensuring timely resolution of policyholder grievances
• Clarified escalation paths: Providing clear and efficient channels for policyholders to escalate concerns
Our stance on claims settlement is unequivocal: we maintain zero tolerance for non-settlement of genuine claims. As a result, insurance companies are expected to adhere to a “sell-what-you-can-service” principle, ensuring they only offer products they can adequately support and deliver on.
iv. Data that helps us regulate better
He added, “We have significantly enhanced the quality and timeliness of regulatory returns, enabling more effective oversight and informed decision-making. This improvement allows us to:
• Identify emerging trends and issues early: Leveraging advanced data analytics to detect potential risks and take proactive measures.
• Conduct comparative analyses: Facilitating like-for-like comparisons across companies to assess performance and compliance.
• Make data driven decisions: Informing regulatory actions and policy development with high-quality, timely data.
Furthermore, this enhanced data framework enables us to provide greater transparency through public-facing snapshots, allowing stakeholders to track progress and industry developments.
v. Inclusion that meets people where they live and work. We have fostered the growth of microinsurance, Takaful, InsurTech and web aggregator hence, promoting the development of simple, accessible, and affordable insurance products. By embracing alternativ distribution channels, we’re expanding insurance reach to underserved markets. To increase penetration, insurance solutions must be present in high-impact sectors such as:
• Transport
• Agriculture
• Micro, Small, and Medium Enterprises (MSMEs)
• Digital marketplace
Commending the role of the media in insurance industry, he stated, “We deeply value contributions and acknowledge its significance in shaping our industry’s narrative”
He said, ‘When you report the insurance market accurately and fairly, you don’t just fill pages, your role in providing accurate and balanced reporting is instrumental in empowering Nigerians to make informed decisions, promoting transparency, and engendering trust in our financial system’ .
According to him, journalists and indeed the media act as a bridge connecting the insurance industry with the public to shape awareness and trust. Responsible journalism educates the public on insurance benefits and demystifies complex concepts effectively, highlighting success stories and holding the insurance industry accountable while promoting growth.
“The Media should be partners in insurance development by advocating for insurance literacy and protecting policyholder rights”, he added.
The objectives of the annual seminar include, amongst others, deepening engagement and building trust between the insurance sector (Insurance Regulator) and media stakeholders, fostering collaboration, enhancing understanding, and promoting accurate insurance reporting.
