Yemisi Izuora
Nigeria’s Insurance Commissioner, Mr. Olusegun Ayo Omosehin, has reaffirmed the commitment of the National Insurance Commission (NAICOM), to fostering a robust and policyholder-centric insurance ecosystem.
He emphasized that sustained progress will depend on deeper collaboration among insurers, banks, fintechs, and regulatory institutions, underpinned by forward-looking policy and regulatory frameworks.
Omosehin, made the remarks during the 21st Insurers Committee Meeting in Lagos on Thursday, May 21, 2026.
The high-level session also brought together key industry operators and stakeholders across the broader financial services ecosystem.
The meeting 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.