NAICOM, Insurers spotlight on 2024 progress, present outlook

THE insurance industry focused on four major areas to boost growth and contribution to Nigeria’s economy in 2024.

The National Insurance Commission (NAICOM) listed the areas of focus, which it said were pursued in collaboration with key industry players in 2924 as, “Enhancing financial inclusion – We have worked tirelessly to ensure that more Nigerians, especially in underserved regions, have access to affordable insurance products and services.

“Digital transformation – 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.

“Regulatory strengthening – NAICOM has continued to enforce policies that promote transparency, accountability, and solvency, ensuring that the insurance industry remains stable, prosperous and trustworthy.

“Compliance to regulatory standards – There are compliance issues and not to leave anyone in doubt, the Commission is out to ensure compliance to regulatory standards is one hundred percent observed and adhered to by all and sundry. This, the Commission believes will enhance the easy of doing business and drives insurance growth and development.”

This was highlighted by the Commissioner for Insurance (CFI)/CEO of NAICOM, Mr. Olusegun Omosehin, at the Insurance Industry Consultative Council (IICC) Media Retreat at the College of Insurance and Finance Management, Ogun State, recently.

Represented by the Deputy Director and Head, NAICOM Lagos Control Office, Dr. Julius Odidi, the Commissioner for Insurance said, “Today, as we reflect on the progress made in 2024 and look forward to the year ahead, we must acknowledge that the Nigerian insurance industry, under the watchful eye of the National Insurance Commission (NAICOM), has made significant strides.

“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.”

Omosehin admitted that the challenges still remain on how to make insurance a part of everyday life for all Nigerians.

Omosehin stated, “You are instrumental in educating the public, dispelling myths, and fostering a culture of risk management. As trusted voices in the community, you are in a unique position to influence attitudes toward insurance, highlighting its critical role in safeguarding lives, assets, and businesses.”

He pointed out that journalists have shared mission with the industry, as the media role extends beyond just reporting on the industry.

Joseph Inokotong