The Good Governance Assembly (GGA) has commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, for his leadership of the insurance regulator and urged industry stakeholders to support ongoing reforms.
The group said the reforms under Omosehin had contributed to efforts to strengthen Nigeria’s insurance industry, improve regulatory standards and enhance the sector’s capacity to support investment and economic activity.
In a statement, Chairman of the GGA Board of Leaders, Charles Onoja, said the organisation reviewed recent developments at NAICOM and noted what it described as progress under the current leadership.
GGA Highlights Recapitalisation
Onoja identified the completion of the insurance industry’s recapitalisation exercise as a significant development, saying the exercise was intended to strengthen the financial capacity of operators and improve the resilience of the sector.
The group said the reported N1.079 trillion raised during the exercise, with 48 insurance companies and two reinsurance firms meeting the new capital requirements and receiving renewed licences, demonstrated the scale of the regulatory exercise.
According to Onoja, stronger insurance companies are important to Nigeria’s efforts to mobilise long-term capital, protect businesses and support wider economic activity.
He said NAICOM’s focus on strengthening operators should be viewed within the broader need to improve the industry’s capacity to meet the requirements of a modern economy.
Group Links Reforms to Economic Agenda
The GGA also linked the insurance reforms to the Federal Government’s broader economic objectives, particularly efforts to strengthen institutions, attract investment and improve confidence in the business environment.
Onoja said effective regulation and financially stronger insurance companies could help create greater capacity to underwrite risks associated with businesses and investments.
He urged stakeholders to focus on the broader objectives of the reforms while continuing to raise concerns about regulatory decisions through appropriate institutional channels.
Stakeholders Urged to Engage Regulator
The organisation called on operators and other stakeholders to support the reform process and use established mechanisms to address disagreements with NAICOM.
It cautioned that disputes over regulatory decisions should be handled through constructive engagement and due process rather than approaches that could undermine confidence in the institutions responsible for regulating the industry.
Onoja said the GGA would continue to monitor developments in the insurance sector, particularly measures relating to transparency, accountability and sustainable industry growth.
He added that regulators had an important role to play in taking difficult decisions aimed at strengthening institutions and ensuring that the insurance sector could effectively support businesses, investors and policyholders.
