NAICOM’s reforms, transformation roadmap to derisk $1trn economy – Omosehin

Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, on Monday, assured that the institutional reforms and transformative roadmaps being put in place will help to derisk the country’s $1 trillion economy initiated by President Bola Tinubu.

Mr. Omosehin gave the assurance in Abuja during the 2024 budget performance and 2025 budget defence held at the instance of the House of Representatives’ Committee on Insurance and Actuarial chaired by Hon. Ahmed Jaha.

While soliciting for House support towards ensuring timely passage of the Insurance bill which has scaled through Third Reading on the floor of the Senate, the NAICOM helmsman reiterated the Commissions resolve towards safeguarding the interest of Insurance policy and restore public confidence.

He said: “We desire to be that sector that will continue to give the needed, so called, needed backing to the Nigerian economy.

“Mr. President, has declared that Nigeria is looking forward to or aspires to be a $1 trillion economy by 2030 the insurance sector cannot be left behind, so these reforms and transformation road maps are what will deliver the needed reform to be able to de risk a $1 trillion economy.”

He assured that the Commission has rolled out within existing laws, insolvency control and intervention framework, which will enable the Institution ito be able to address some of the teething challenges entities are having.

“I’m sure you are not unaware of some instances where we’ve had to take some regulatory action, even within the last four months, by taking over some of a particular entity and being able to quickly intervene to safeguard the interests of policyholders that were involved.”

In the bid to deepen its enforcement role, he disclosed that the Commission has embarked on Mass collaboration with various enforcement agencies on some of the existing compulsory insurances as encapsulated in the nation’s laws.

“Recently, we’ve engaged, we’ve embarked on a mass collaboration effort with all the various enforcement agencies that have the power, the teeth to bite, to assist us in making this a priority, and the first of those policies we picked is the compulsory motor insurance, the compulsory Third Party Motor Insurance.”

According to him, the Commission “realized that their compliance level in this regard has been too low. Hence, the new initiative, I’ve received comments, complaints from members of the Nigerian public, and I’m sure Mister Chairman, yourselves and your members might have received same but let me use this opportunity that I have to state that this is a requirement that will make progress that will allow us as a nation to take that step that is required for us to make progress.

“When it comes to insurance penetration, we are using the opportunity to do as much as possible, a lot of awareness enlightenment campaign, and as a matter of fact, be able to educate Nigerians.”

Speaking during the interactive session, Hon. Ahmed Jaha and other members unanimously adopted the proposed budget estimate of N29.931 billion comprising Insurance Levy projected at N17.6 billion as well as Fees and Penalties of N12.3 billion for 2025 fiscal year.

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