NAICOM, Insurers Agree On Partnership To Drive Insurance Penetration

Insurance industry regulatory body, the National Insurance Commission (NAICOM) and insurance operators under the auspices of the Nigeria Insurers Association(NIA) have agreed on partnership to deepen insurance penetration in the country.

To this end, they advocated partnership among stakeholders to increase Insurance acceptance that is currently abysmally low.

Speaking at the NIA’s Celebration of Excellence, meant to celebrate the former chairman of NIA and current commissioner for Insurance/CEO, NAICOM, Olusegun Omasehin and the immediate past director general of NIA and incoming president of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, in Lekki, Lagos, over the weekend, promised a harmonious working relationship to ensure insurance takes its rightful place in national discourse.

While Omosehin expressed its commitment to the growth of the industry through innovation, enforcement and promoting ethical business operations, he promised to always engage the industry on every policy the commission would be introducing to the market during his administration.

Addressing the stakeholders at the event, he said: “Let us be deliberate in taking this industry forward. The story of the insurance  industry has not yet been told, the decision to change our story must be deliberate.

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Please, make the insurance industry your priority when making decisions.”

On his part,  the chairman, NIA, Kunle Ahmed, said: “Omosehin and Ilori have been a beacon of inspiration, guiding us through challenges and triumphs with unwavering dedication and visionary leadership. Under their stewardship, our association has reached new heights, achieved significant milestones, and set a solid foundation for future success.

“As we reflect on the years of their tenure, we are reminded of the countless contributions and the profound impact they had on each one of us and the association as a whole. Their commitment to excellence, innovation, and fostering a collaborative culture has truly transformed the association.”

Promising that the industry will work with NAICOM to elevate and deepen insurance penetration, education and awareness, he believes collaboration is what will take the insurance industry to its promised land.

Earlier, the president, Nigerian Council of Registered Insurance Brokers (NCRIB), Babatunde Oguntade, lauded the achievements of the celebrants, believing that they have the right character to do the work.

Appealing to the new commissioner for Insurance to see himself as the father of all arms of the Industry, he reminded him that he shouldn’t be partisan by staying with the underwriters alone but the brokers and other players in the insurance space, to excel.

Ilori appreciated the support of her families, friends and colleagues in her success journey, saying, ‘You brought the best out of me, thank you all for supporting me.’

The chairman of NEM Insurance Plc, Tope Smart, while speaking on Omosehin, said: “He is very professional, very hardworking. He is a man of integrity who is very passionate about the industry. He actually excelled everywhere he worked. He is a man who dedicated virtually everything to his work, he has the drive and energy.”

Commending the outgoing NIA DG, he said: “One thing that stands out is the building of NIA where we are today, and that has really changed the face of the insurance industry in Nigeria. Even professionals who came from outside the country that went to NIA were so impressed and they decided that they were going to go back and replicate what we have done in NIA, so kudos to Ilori.”