By Emma Ujah, Abuja Bureau Chief
ABUJA — The Commissioner for Insurance, Mr Olusegun Omosehin, has warned insurance companies to strictly adhere to prudential standards and ethical conduct following the conclusion of the industry’s recapitalisation exercise.
Omosehin gave the warning on Thursday at the launch of the Insurance Sector Strengthening Programme (ISSP) in Abuja.
He said while the recapitalisation exercise was critical to strengthening the operations and growth of the insurance industry, its objectives could only be achieved if operators maintained the highest standards of professionalism and accountability.
The Commissioner said the National Insurance Commission (NAICOM), as the sector regulator, would continue to create an enabling environment for innovation while ensuring that operators comply with regulatory requirements and protect policyholders.
He said, “As regulator, NAICOM will continue to create an enabling environment for innovation, but this commitment must be matched by strict adherence to prudential standards, ethical conduct, fair treatment of customers, and timely settlement of genuine claims.
“Innovation will be encouraged, but not at the expense of consumer protection. Market expansion will be supported, but not at the expense of solvency, transparency, or public trust.
“The ISSP provides a platform for regulators, insurers, intermediaries, technology providers, development partners, and consumers to work together in pursuit of these shared objectives.”
Omosehin said the next phase of insurance growth in Nigeria must be anchored on responsible underwriting, adequate capitalisation, sound corporate governance, transparent operations, prompt claims settlement and measurable value for policyholders.
“NAICOM will continue to engage, support, and guide the industry; but we will also insist that every operator earns public confidence through compliance, professionalism, and service excellence,” he said.
He said NAICOM’s mandate was to protect policyholders, preserve market stability, enforce sound market conduct and promote the orderly growth of the insurance industry.
According to him, sustainable growth could not be achieved through regulation alone, but growth without discipline, transparency and accountability would not serve the public interest.
He stressed the need for collaboration, innovation, consumer confidence and professional competence to deepen insurance penetration across all segments of society.
The Commissioner noted that rapid technological advancement was transforming the way financial services were designed, distributed and consumed, with customers increasingly demanding convenience, transparency and personalised solutions.
He said the insurance industry must therefore embrace innovation and leverage digital platforms, insurtech solutions and data-driven approaches to improve its competitiveness.
“Customers now expect convenience, transparency, and personalised solutions. In this environment, the insurance industry must embrace innovation as a necessity.
“The integration of digital platforms, insurtech solutions, and data-driven approaches under the ISSP framework will help position the Nigerian insurance market for greater competitiveness in an increasingly digital economy,” he said.
Omosehin described the ISSP as a landmark initiative aimed at accelerating the transformation of Nigeria’s insurance landscape and positioning the sector as a more inclusive, innovative, resilient and trusted contributor to national development.
He said the insurance industry had significant potential to contribute more meaningfully to Nigeria’s economic growth, urging stakeholders to remain committed to the stability and sustainable development of the sector.
According to him, the ISSP provides a structured response to key industry priorities built around six critical pillars: Advocacy and Policy; Awareness and Education; Capacity Building; Gender Inclusion; Youth Engagement; and MSME and Value Chain Development.
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