The National Insurance Commission NAICOM and the insurance industry have pressed to remain committed to fostering a robust and policyholder-centric insurance ecosystem.
The Commissioner for Insurance Mr. Olusegun Omosehin, made this the kennel of the 21st Insurers Committee Meeting held yesterday in Lagos. He emphasised that this upgraded system approach to insurance service would depend on deeper collaboration among insurers, banks, fintechs, and regulatory institutions, underpinned by forward-looking policy and regulatory frameworks.
The meeting, a hybrid of the broader financial services ecosystem focused on strengthening cross-sector collaboration to build a more resilient, inclusive, and innovation-driven insurance industry in Nigeria. Deliberations highlighted the importance of strategic partnerships in enhancing portfolio risk sharing, optimizing the insurance value chain, and aligning industry practices with national economic development priorities.
The Committee collectively agreed on the need for coordinated and deliberate action to address structural constraints, accelerate innovation, and strengthen consumer trust in the insurance sector. Particular emphasis was placed on leveraging technology and cross-industry synergies to drive insurance penetration and improve service delivery outcomes nationwide.
On performance and service delivery, the Committee noted NAICOM’s strong standing, currently ranked 1st in the Business Finance & Risk Optimization Cluster and 9th overall on the PEBEC Reform Tracker, reflecting continued progress in regulatory efficiency and sectoral reforms.
