NAICOM list key areas that boosted insurance sector growth in 2024
Joy Agwunobi
Amid evolving economic challenges and technological advancements, Nigeria’s insurance sector is aligning efforts to strengthen its impact on the nation’s economy. The National Insurance Commission (NAICOM) has recounted its priorities that enhance the sector’s growth and improve its contributions to economic development in 2024.
These key focus areas were discussed during the Insurance Industry Consultative Council (IICC) Media Retreat held at the College of Insurance and Financial Management, Aseese, Ogun State. Olusegun Omosehin, the Commissioner for Insurance, represented by Julius Odidi, deputy director and head of NAICOM Lagos control office, highlighted the progress and challenges in the sector.
Omosehin, in his keynote address, highlighted the significant progress achieved by the Nigerian insurance sector under the leadership of the National Insurance Commission (NAICOM). He noted improvements in regulatory frameworks, increased awareness of the importance of insurance, and a stronger partnership with stakeholders.
He emphasised that in 2024, NAICOM, working closely with industry players, has focused on expanding access to affordable insurance products and services, particularly in underserved regions, through efforts to enhance financial inclusion.
He also stressed the critical role of technology in transforming the insurance sector, improving operational efficiency, reducing turnaround times, and introducing innovative solutions to meet the evolving needs of customers and stakeholders.
Omosehin pointed out that regulatory oversight has been strengthened, with NAICOM enforcing policies to ensure transparency, accountability, and solvency, maintaining the stability and trustworthiness of the industry.
Omosehin further underscored NAICOM’s commitment to ensuring full compliance with regulatory standards, stating that the Commission is determined to achieve 100 per cent adherence. He expressed confidence that this commitment would enhance the ease of doing business and drive the growth and development of insurance in Nigeria.
Despite the achievements recorded, he acknowledged the considerable work that remains in fostering widespread adoption of insurance. According to him, the challenge lies in making insurance a part of everyday life for all Nigerians, an area that requires sustained focus and strategic action.
Addressing journalists at the retreat, Omosehin emphasised the media’s vital role in advancing the sector. He described journalists as essential partners in educating the public, debunking misconceptions, and fostering a culture of risk management. “As trusted voices in the community, the media has a unique ability to influence public attitudes towards insurance and highlight its importance in protecting lives, assets, and businesses,” he added.