Yemisi Izuora
The National Insurance Commission (NAICOM) has further highlighted its commitment towards enhancing insurance growth in the country.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, gave the assurance when the leadership of the Chartered Insurance Institute of Nigeria (CIIN), led by its President, Mrs. Yetunde Olubunmi Ilori, paid a courtesy visit to the Agency as part of activities marking the conclusion of her tenure.
Speaking during the visit, Mrs. Ilori expressed profound appreciation to the Commission for its unwavering support and collaboration throughout her administration.
She noted that the successes and milestones achieved by the Institute during her tenure would not have been possible without the steadfast support of the Commissioner for Insurance (CFI), Mr. Olusegun Ayo Omosehin, and the entire NAICOM management team.
According to her, the strong partnership between NAICOM and CIIN has played a pivotal role in advancing professionalism, capacity building, and innovation within the Nigerian insurance industry.
Omosehin, commended Mrs. Ilori for her exemplary leadership and outstanding contributions to the development of the insurance profession. He observed that her tenure was marked by significant achievements that strengthened the Institute and enhanced its relevance within the industry.
Omosehin noted that history would be kind to Mrs. Ilori for her dedication, commitment, and transformative impact on the insurance sector, adding that her administration has left an enduring legacy for future leaders to build upon.
The Commissioner further reaffirmed NAICOM’s commitment to sustaining its strong relationship with CIIN, emphasizing the critical role the Institute continues to play in driving professionalism, innovation, and industry development. He particularly acknowledged the Institute’s contributions to advancing Insurtech, innovation, human capital development, and overall industry growth during Mrs. Ilori’s tenure.
While congratulating the incoming President of the Institute, Mr. Omosehin charged him to prepare for the greater responsibilities that lie ahead.
“Prepare for the task ahead. You are stepping into big shoes, and the expectations are high,” he said.
The Commissioner expressed confidence in the future of the Institute and the insurance industry, stressing that greater opportunities and milestones lie ahead. He also briefed the CIIN leadership on key developments within the sector, including the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the ongoing industry recapitalization exercise, which is scheduled to conclude on July 31, 2026.
Responding, the incoming President expressed gratitude for the confidence reposed in him and affirmed his readiness to assume the leadership of the Institute. He pledged to consolidate on the achievements of his predecessor while pursuing initiatives that will further enhance professional excellence, deepen industry penetration, and support the sustainable growth of the Nigerian insurance sector.
The visit underscored the enduring partnership between NAICOM and CIIN, as both institutions reaffirmed their shared commitment to strengthening the insurance industry and advancing its contribution to Nigeria’s economic development.