Omosehin Targets Building Insurance Sector Ready to Meet Obligations

Ebere Nwoji

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, has said that his earnest desire as the new Chief Executive officer of insurance sector regulator the National Insurance Commission (NAICOM) is to build a highly respected insurance sector that could meet its obligation to the public.

Omosehin who stated this at his maiden interactive session with the media in Lagos also reeled out his five point  agenda targeted at sustainable  growth for the insurance market.

According to him, one of his agenda is to provide the Nigerian insurance market with a new direction built on solid commitment to change the image of the industry in the estimation of the insuring public and other relevant stakeholders.

He further said his administration would focus interest on welfare of policyholders to rebuild public trust and confidence on the insurance sector. 

“There had been declining confidence on the industry due to some market entities not being able to fulfill their obligations. We have some ailing entities and operators that we are managing to save the interest of the market. Our concern is to protect the interest of policyholders,” he stated.

He also said he would strengthen NAICOM’s internal regulatory capacity and enthrone the regime of right regulatory framework to deliver on its mission.

He further said the commission would also build financially sound operators that could meet their obligations to policyholders. 

Omosehin further said NAICOM has the intention to create an innovation hub to serve as the nucleus to drive innovation for the industry, adding that operators needed new ideas that could allow the development of the market.

“We need to do more to ensure sustainable penetration of insurance in the country. We are also relying on technology to drive access and penetration. The Commission will also endeavour to drive enforcement of compulsory insurances to grow the market,” he stated.