NAICOM Affirms Insurance Sector’s Commitment To Grow $1trn Economy

The National Insurance Commission (NAICOM) on Tuesday affirmed its commitment to align the insurance sector with President Bola Tinubu’s economic reforms

Commissioner for Insurance, Olusegun Omosehin, gave the assurance at the investiture of Yetunde Ilori as the 52nd president of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.

Omosehin, also the chief executive officer, NAICOM, said the regulator would also align the industry with the President’s goal of growing the Nigerian economy to one trillion dollars by 2030.

He emphasised the importance of collective commitment to promoting a robust, resilient, strong, and stable insurance industry that contributes to the economic stability and growth of Nigeria.

According to him, emerging realities and developments at the global and national levels, presently, obviously call for a collaborative effort to reposition the insurance profession.

He said it also demanded the rebranding of the industry such that its narratives could be better understood by all, to earn a positive perception of the insurance sector from the public.

To this end, Omosehin congratulated Ilori on her emergence as the 52nd president of the CIIN, adding that leadership in the insurance sector remained more critical than it was.

The commissioner said this was as the sector navigated a world of significant economic challenges and great opportunities.

According to him, Ilori’s leadership will play a pivotal role in driving the desired transformation while ensuring that the institute remains a beacon of excellence and a catalyst for positive change.

“I want to salute the outgoing President and Chairman of Council,  Edwin Igbiti, and members of the Governing Council of the CIIN, for their steadfast commitment towards the promotion of insurance education and professionalism among members.

“Ilori’s journey to this prestigious position is a testament to her unwavering dedication, exceptional leadership, and profound commitment to the insurance sector.

“As the immediate past director general of the Nigerian Insurers Association (NIA), she demonstrated remarkable expertise and visionary leadership that greatly contributed to the advancement of that association and by extension our industry.

“It is on record that during her tenure as the NIA DG and with the support of the Governing Council, NIA delivered a befitting Head Office which has become the pride of the entire insurance industry,” he said.

According to him, Ilori’s achievements and wealth of experience, coupled with her relentless pursuit of excellence, make her the perfect choice at this critical time to lead the Institute to new heights.

The NAICOM boss expressed confidence that under Ilori’s leadership, the CIIN would continue to promote professionalism, uphold ethical standards, and foster educational development within the insurance industry.

Omosehin noted that NAICOM views the institute as one of its veritable partners in the development of the much-needed professionals in the course of achieving this goal.

He reiterated the continuous support of the commission to the institute in the discharge of its responsibilities.

The commissioner said: “NAICOM looks forward to exploring additional mechanisms of enhancing the existing relationship with the institute and in facilitating improved perception, transparency, and public confidence in the insurance industry.

“Once again, I congratulate Ilori as the 52nd President of the CIIN and the entire insurance community.

“I pray that your tenure will be marked by significant achievements and that your leadership will leave an indelible mark on the institute and the industry at large.”