NAICOM: Operators Laud Ex-commissioner, Expresses Confidence in New Leadership

Ebere Nwoji

Operators in the insurance sector have reacted to the recent change in the leadership baton of the National Insurance Commission(NAICOM), saying  the new administrative team led by  Mr Olusegun Omosehin, would help in achieving President Bola Tinubu’s target of $1 trillion economy as well as deepening insurance penetration in Nigeria.

The operators also said  the  erstwhile insurance commissioner, Mr. Sunday Thomas,  was  not removed from office as some members of the public termed it, but completed his tenure and exited for a new administrative team to take up the commission’s leadership baton.
Some of the operators who spoke to THISDAY on  telephone highlighted what they described as some landmark achievements of Thomas and qualities in the new team.

Former Chairman, Nigeria Insurers Association (NIA) as well as Principal Consultant, Carefirst Consult, Gus Wiggle,  said: “ it is indeed essential to recognise that Mr. Sunday Thomas, the Commissioner for Insurance, completed his term and was not renewed. Therefore, the term ‘removal’ wouldn’t be accurate in this context.

“Regarding the new administration’s agenda of renewed hope, deepening insurance penetration in Nigeria and the target of a $1 trillion economy, a plan of the new administration led by President Bola Tinubu, it is just necessary to bring in a new team to achieve this goal.
“The appointment therefore of Mr. Omosehin and the two deputies should not come as a surprise to anyone who has been following these trio in their different positions before now.

“These appointees hold promise for injecting fresh ideas into the insurance landscape, aligning with the administration’s goals. Let’s hope their collective efforts contribute positively to the industry’s growth and development of the Nigerian economy.”
New  Chair NIA, Mrs  Adebola Odukale, commended the erstwhile leadership of Thomas in NAICOM, describing it as remarkable.
“Thomas’ leadership was quite remarkable with invaluable reforms especially in the space of technology.  The NAICOM portal integration with underwriting companies provided  enhanced engagement with practitioners’ core activities.

 “Thomas was  a strong advocate of prompt claims payment and he never missed any opportunity for engagement  with the industry to emphasise it.  This , he would say is key to continuous growth of the industry,“ she said.
She noted that his  initiatives on  the need for strong and viable institutions through the risk-based supervision model would  continue to impact the industry positively.

“Human capacity building,  especially in the actuarial field was also core in his programme.  Most of these were contained in the industry’s  10-year strategy plan  launched towards the end of 2023 by the commission,” she added.
Speaking on the newly appointed commissioner,  Omosehin, she described him as an astute and thoroughbred professional with vast experience across the industry.
“I know Omosehin as a visionary leader with profound passion for the industry and for  certain he will bring what I can call his inspirational creativity to the table on this job,” she said.
Also, the Executive Secretary, Nigerian Council of Registered Insurance Brokers(NCRIB), Mr Tope Adaramola, said the exit of Thomas was  a completion of tenure not removal. According to him during  his tenure the insurance industry had a good time.
“There was progress, amity, peace and tranquillity, which is prerequisite for progress quite unlike his predecessors,” Adaramola said.
The NCRIB boss noted that the immediate past insurance commissioner deployed social capital and emotional intelligence in handling issues that could have torn the industry apart.
According to him, one of his greatest achievement was the digitalisation of the commission’s processes.
He noted that the former commissioner deployed massive IT system in the commission, ending the era of excessive paper work  in his regulatory work.
“There was cohesion in the industry during his tenure, he tried a lot in the area of attracting government’s attention to the extent that during his tenure, federal government  for the first time made a positive comment about the industry and that was  during the COVID 19 era. This is a plus to the industry”, he acknowledged.
In terms of international relevance,  the NCRIB boss said under Thomas,  Africa Insurance Organisation (AIO) brought its  national assembly to Nigeria and a Nigerian equally became the president of the organisation.
He further said Thomas tried to deepen insurance penetration  in the country by way of premium rate upgrading by increasing motor insurance premium which though generated  public outcry, has come to stay and has made the industry better.