The Commissioner for Insurance, Mr Olusegun Omosehin, has identified five strategic priorities to transform the industry.
These priorities are safeguarding the interests of policyholders and restoring public confidence in the sector; strengthening supervisory and regulatory capabilities; improving the safety and soundness of the insurance industry; fostering innovation and sustainability; and increasing accessibility and penetration of insurance products, according to local media reports.
Mr Omosehin announced these priorities in his keynote address at the Chartered Insurance Institute of Nigeria’s Year 2024 Insurance Professionals’ Forum last week. The theme of the forum was “The Insurance Industry: Transformation Strategies towards Expanding Market Reach”. He was represented by the deputy commissioner of NAICOM, Mr Ekerete Gam-Ikon.
Mr Omosehin also stressed that the industry must adapt to changing consumer preferences and lifestyles. According to him, the future of insurance lies in developing products that meet the demands of the modern market, especially as financial services increasingly rely on technology and innovation.
“The insurance sector must embrace innovation to keep pace with rapid market changes and evolving consumer preferences. We must diversify our products, improve transparency, and invest in technology,” he said.
Trust
He highlighted that for penetration to improve, insurance professionals must conduct business with integrity and foster trust.
“I want to urge us to look inward and re-appraise our professional and business ethics and conduct. As professionals, we must conduct our business with utmost integrity and in a manner that does not bring disrepute to the profession,” he said.
He also stressed that a strong corporate governance culture is vital for the success and sustainability of the insurance sector. He noted that good governance practices would enhance decision-making processes and ensure the long-term stability of companies within the industry.
“The quality of strategies and decisions made by insurance companies will determine how far they can go in contributing to national development. Strong corporate governance is not optional; it is critical for survival,” Mr Omosehin said.
NAICOM’s commitment to enforcing corporate governance standards, he added, would ensure that insurance entities are well-positioned to meet regulatory requirements while also contributing significantly to the nation’s economic output.
He also emphasised the importance of sustainability, calling for a balance between profitability and meeting the long-term needs of customers and the environment.