The National Insurance Commission (NAICOM) has called on Mrs. Ekeoma Esther Ezeibe, the newly inaugurated President of the Nigerian Council of Registered Insurance Brokers (NCRIB), to demonstrate exceptional leadership and leverage her experience as Chairperson of the Nigerian Insurance Industry Committee on AfCFTA (NII-AfCFTA) in advancing the Council’s goals and the broader insurance industry.
The Commissioner for Insurance, Mr. Olusegun Omosehin, gave the charge during Mrs. Ezeibe’s investiture ceremony held in Lagos last week. Her emergence marks a historic milestone as the third female president in the NCRIB’s 63-year history.
Omosehin described her ascension as a symbol of progress, inclusion, and resilience, noting that Mrs. Ezeibe’s professional journey reflects “quiet strength and strategic impact” within both the Council and the Nigerian insurance industry.
He commended her leadership of the NII-AfCFTA Committee, under which the group has championed industry enlightenment, capacity development, and policy advocacy to position Nigeria’s insurance sector to harness opportunities within the African Continental Free Trade Area (AfCFTA) framework.
“As we celebrate this investiture, let us reflect on leadership imperatives that will shape our collective future—empowering professionals through knowledge, upholding integrity and transparency, and building trust through consistent performance and fair practices,” Omosehin stated.
He stressed that in the insurance industry, “perception and performance are inseparable”, adding that trust grows only when stakeholders’ expectations are consistently met. The Commissioner expressed confidence that under Mrs. Ezeibe’s leadership, the NCRIB would embody these principles and drive the industry toward greater excellence.
Regulatory Expectations and Collaboration
On NAICOM’s expectations, Omosehin reaffirmed the Commission’s priorities of fostering innovation, protecting policyholders, and deepening public confidence in the insurance ecosystem.
He highlighted key regulatory focus areas including:
- Risk-Based Supervision, aligning governance and capital requirements with company scale.
- Market Conduct Oversight, ensuring transparency, suitability, and fairness, especially in claims management.
- Data and Reporting Enhancement, aimed at improving placement quality and client outcomes.
The Commissioner also revealed ongoing efforts to promote digital KYC systems, API-enabled placements, efficient claims portals, and inclusive insurance models—initiatives he said NAICOM hopes to implement in partnership with the NCRIB.
“NAICOM’s position is simple: deliver only what you can support, and support everything you deliver,” he emphasized. “Clear promises and prompt service build trust—and trust drives market penetration.”
Omosehin further invited the NCRIB, under Mrs. Ezeibe’s leadership, to collaborate closely with NAICOM in implementing the Nigerian Insurance Industry Reform Act (NIIRA) 2025, assuring that the Commission remains committed to continuous dialogue and alignment among industry players.
Brokers’ Role in a Changing Risk Landscape
Addressing the evolving role of brokers, Omosehin urged practitioners to adapt to emerging risks and shifting client expectations. He outlined the brokers’ responsibilities as including:
- Providing client-first risk advisory and transparent policy placement.
- Ensuring clear contract wordings and quality coverage.
- Leading claims processes with data-driven, empathetic approaches.
- Expanding financial inclusion through affordable microinsurance and takaful solutions for underserved markets.
- Leveraging digital tools to enhance efficiency while maintaining strong ethical standards.
The Commissioner reiterated that brokers are essential in bridging the gap between clients and insurers, particularly in a rapidly changing risk environment.
Mrs. Ezeibe’s leadership, he concluded, represents an opportunity to strengthen professionalism, innovation, and trust within the Nigerian insurance brokerage community and to further consolidate the industry’s position as a vital pillar of national economic development.
