The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, has urged the directors of insurance companies to strengthen corporate governance, deepen board oversight and ensure the financial sustainability of their institutions.
He made the call at the 2026 Insurance Directors’ Conference in Lagos, held on 5 November and themed “Recapitalisation to Resilience: Leading the Risk-Based Capital (RBC) Era”, according to a statement released by the regulator. The conference was organised by the College of Insurance and Financial Management in collaboration with the National Insurance Commission (NAICOM).
Mr Omosehin urged directors to move beyond routine board meetings and management reports by asking critical questions, challenging management assumptions and ensuring that decisions are guided by adequate information and sound judgement.
Mr Omosehin reiterated what he had said on earlier occasions that the recent successful recapitalisation of the industry marked the beginning of a more demanding phase requiring insurance companies to translate their stronger capital positions into sustainable growth and improved service delivery.
“Recapitalisation was never the destination; it is the gateway to a more demanding phase, a phase that will be defined not by the size of capital alone, but by how that capital is governed, protected, deployed and aligned with risk.
“The relationship between insurance and economic development must become more deliberate.
“The insurance industry must demonstrate greater willingness to support productive economic activities, develop innovative products, improve service delivery and build public confidence through prompt and fair claims settlement.”