The National Insurance Commission (NAICOM), says 2026 will be the defining year it will intensify its focus on transparent handling of claims and consumer complaints and, market conduct supervision to guide against unfair practices.
The Deputy Commissioner for Insurance Technical, Mr. Ekerete Ola Gam-Ikon asserted this at the Year 2026 Business Outlook hosted by the Chartered Insurance Institute of Nigeria CIIN, with the theme, “Navigating Complexity: Strengthening Financial Controls, Corporate Governance and Compliance in the Insurance Industry.” He represented the Commissioner for Insurance, Mr. Olusegun Omosehin, at the event yesterday.
Also to be focused on are, stronger anti-money laundry and counter terrorism financial controls, timely and accurate regulatory returns, better privacy and cyber security compliance and, enforcement when infractions are dictated.
The CFI however, doused fears of enforcement arbitrarily. He cleared that enforcement is not the battle cry of the Commission, but to build an industry where self governing is embedded in the daily processes of insurance business and customers are treated as obligation demands.
On the emerging complexities at the global and local stage, he said it has become a vital characterisation of the global economy and rather than seen as obstacles it should pose as opportunities to develop a strong and resilient insurance industry that could withstand shocks.
Omosehin cleared that the future of Nigerian insurance industry would be shaped not by the regulator alone but by the quality of leadership within the participating institutions.
He advised that collaboration remains the key to a more resilient future and no single segment of the insurance industry could safeguard the industry alone and reiterated that collaboration is essential. He said the Commission is committed to deepen partnership with the CIIN through capacity building, research, ethics promotion and professional development.
Spreading collaboration further, he said it would be required for government agencies and the National Assembly to strengthen laws, policies and enforcement, while other regulators to pursue sector wide engagement and sector wide resilience, while technology partners guide digital transformation and consumer association to improve trust and feedback. “Together we can build an industry that is not only strong but also more impactful.”
Featured Picture: L-R Lady Isioma Chukwu; Mr. Edwin Igbiti; Deputy CFI, Ekerete Ola Gam-Ikon; Mrs. Yetunde Ilori, CIIN President; Representative of theme speaker, Toni Sanni and CIIN Registrar/CEO Mrs. Abimbola Tiamiyu at the event yesterday in Lagos.
