Nigeria’s insurance industry is undergoing structural recalibration amid calls for deeper penetration and stronger compliance with international standards. Steering much of that reform momentum is Olusegun Ayo Omosehin, a key figure in the sector’s modernisation agenda.
As commissioner for insurance and chief executive officer of the National Insurance Commission (NAICOM), Nigeria’s apex regulatory body for the insurance industry, Omosehin operates at a critical intersection of regulation, financial stability, and market development.
His leadership comes at a period when the industry is expected to assume a stronger role in supporting economic resilience, strengthening risk protection mechanisms, and mobilising long-term capital for national development.
Appointed in 2024, Omosehin brings more than three decades of professional experience spanning underwriting, industry advocacy, and institutional leadership. Industry stakeholders often describe his background as particularly significant because it combines deep practitioner knowledge with regulatory oversight, enabling him to balance market realities with policy expectations.
Academically, Omosehin holds a Bachelor of Science degree in Political Science, a Master of International Law and Diplomacy (MILD), and a Master of Science degree in Economics from the University of Lagos. He is also an alumnus of the Saïd Business School, University of Oxford, United Kingdom.
Professionally, he is a Fellow of the Chartered Insurance Institute of Nigeria (FIIN), a Fellow of the Institute of Directors (FIoD), and a Fellow of the Institute of Loss Adjusters of Nigeria (FILAN), credentials that reflect his longstanding engagement with governance, professionalism, and industry development.
Before his appointment as commissioner for insurance, Omosehin served as the 25th chairman of the Nigerian Insurers Association (NIA), the umbrella body representing insurance and reinsurance companies in the country. Over the years, he held several senior roles across insurance institutions, contributing to operational growth, industry coordination, and strategic reforms.
His stewardship of NAICOM has coincided with the adoption of the Nigerian Insurance Industry Reform Act, a transformative statute that overhauls the industry’s legal foundation. By replacing outdated insurance laws with a harmonised framework, the Act strengthens regulatory clarity, promotes compliance and aligns the sector with international best practices.
The reform comes alongside renewed efforts to strengthen industry capitalisation, with the recapitalisation deadline scheduled for July 2026, a process widely viewed as critical to improving insurers’ financial capacity and market credibility.
A major pillar of Omosehin’s regulatory focus has been restoring public trust in insurance, particularly around claims settlement, an area that has historically shaped negative perceptions of the industry.
Under his leadership, NAICOM adopted a firmer supervisory posture centred on consumer protection, captured in the commission’s guiding mantra, “find a reason to pay claims.” The regulator has since consistently urged insurers to prioritise prompt and fair settlement of claims as a critical step toward rebuilding public confidence in insurance products.
In March 2025, the commission reinforced this position with a decisive regulatory action that marked a shift from advocacy to enforcement. NAICOM published a comprehensive report detailing unresolved claims across Nigeria’s insurance industry, a move widely regarded as unprecedented in the sector’s history. The publication underscored the commission’s determination to hold operators accountable and demonstrate that claims settlement would remain a central regulatory priority.
The report documented grievances submitted by 1,571 policyholders, exposing persistent cases of unpaid claims and disputes between insurers and their clients. By making the information public, NAICOM sought to increase transparency within the market while placing pressure on insurance companies to meet their contractual obligations and resolve legitimate claims without undue delay.
Early outcomes of this renewed regulatory focus are beginning to emerge. According to NAICOM, Nigerian insurers paid N180 billion in claims to policyholders in 2025.
Beyond strengthening claims settlement practices, the commission has also turned its attention to modernising the industry’s operational framework in response to changing market realities. Recognising the rapid evolution of financial services driven by technology, Omosehin has also championed digital transformation across the insurance value chain.
Under his stewardship, NAICOM issued operational guidelines for Insurtech businesses, which took effect on August 1, 2025. The framework seeks to promote innovation while maintaining regulatory safeguards designed to protect policyholders and ensure market stability.
Omosehin’s tenure has equally been marked by increased collaboration with government ministries, financial regulators, and international development partners. His engagements frequently emphasise the role insurance must play in national economic planning, infrastructure protection, climate risk management, and disaster risk financing.
The commission’s direction under Omosehin centres on building a more resilient, inclusive, and technology-driven insurance market capable of protecting policyholders while contributing meaningfully to Nigeria’s long-term economic development.
As the industry approaches the final phase of recapitalisation and adjusts to a new legislative framework, Omosehin’s stewardship is increasingly viewed as vital to determining whether Nigeria’s insurance sector can transition from longstanding structural challenges toward sustainable growth and renewed public confidence.
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