The National Insurance Commission (NAICOM) has resolved to pursue, as a priority, the safety and soundness of the insurance sector’s regulated entities.
Commissioner for Insurance, Olusegun Omosehin, in his keynote address at the Chartered Insurance Institute of Nigeria’s Year 2024 Insurance Professionals’ Forum in Abeokuta, Ogun State, identified five strategic priorities aimed at transforming the industry.
According to him, these priorities include safeguarding 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 across the country.
He noted that the adoption of risk-based supervision and risk-based capital have become inevitable for insurance operators if they want to compete with their counterparts across the globe and remain relevant in the management of risks of our existing and potential customers.
He said that strong financial base is key to their success as an industry said the Commission has resolved to pursue, as a priority, the safety and soundness of the sector’s regulated entities.
