The 16th Insurers Committee meeting, the first under the new Commissioner for Insurance, Mr. Segun Omosehin, was recently held with a focus on shaping the future of Nigeria’s insurance sector. During the meeting, the Commissioner provided key guidance on fostering a more developed and efficient industry. Notably, he encouraged insurance operators to invest in the National Credit Guarantee Scheme, a new initiative by the Federal Government designed to enhance investment opportunities and encourage greater participation in the sector. The Commissioner emphasized that insurance companies should take a proactive role in discussions related to investment and regulatory committees to ensure that decisions are made with their interests in mind.
In addition to promoting strategic investments, the Commissioner stressed the importance of simplifying complaint processes within the industry and urged CEOs to become more directly involved in resolving issues that arise. He also called for timely submission of financial statements by insurance companies, pointing out that delays in submission could signal internal challenges and undermine confidence in the industry. To address operational issues, NAICOM set a deadline of December 31, 2024, for insurance companies to clear any outstanding claims, with the expectation that no unresolved claims will be carried over into their 2024 financial accounts.
The meeting also saw a restructuring of the Insurers’ Committee, which has now streamlined its operations into four focused sub-committees: Insurance Sector Stability, Communication & Stakeholders Management, Technology & Talent Management, and Customer Service & Market Expansion. These changes are part of a broader strategy to reform the industry and address key challenges. Each sub-committee will play a crucial role in advancing the sector’s goals, with newly appointed chairs, including Mr. Ganiyu Musa for the Stability Sub-Committee, Mrs. Ebelechukwu Nwachukwu for Communication & Stakeholders, Mr. Babatunde Fajemirokun for Technology & Talent, and Mr. Olabode Opadokun for Customer Service & Market Expansion.
