The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission(NAICOM), Olusegun Ayo Omosehin, has called on operators in the insurance industry to adopt customer-focused policies and strengthen public trust to drive growth in the sector.
Omosehin made the call on Monday during the opening ceremony of Insurance Week 2026, where he stressed the need for insurers to deepen public engagement and improve awareness about the benefits of insurance.
According to him, low public understanding of insurance products and processes remains one of the major obstacles limiting the sector’s growth and impact across the country.
“At the National Insurance Commission (NAICOM), we regard public awareness not as a peripheral activity but as a core strategic priority,” he said.
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“The success of insurance in any economy is fundamentally anchored on the level of public understanding, trust, and acceptance. Without awareness, there can be no demand. Without understanding, there can be no trust. And without trust, sustainable growth cannot be achieved.”
The NAICOM boss noted that insurance operators must move away from a product-driven approach and begin designing policies that directly address the needs of customers.
He said insurers should actively involve clients in product development to ensure insurance solutions become more accessible, affordable and relevant to everyday realities.
Omosehin also urged operators to simplify insurance documentation and improve communication with policyholders, especially regarding claims processes.
“The claims experience is widely regarded as the ‘moment of truth’ in insurance. It is the point at which the promise of insurance is either fulfilled or undermined,” he stated.
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He warned that delays, unclear procedures and perceived unfairness in claims settlement could weaken confidence in the entire insurance system.
The Commissioner further described the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a major turning point for the sector, saying the legislation would strengthen regulatory oversight, consumer protection and market stability.
According to him, one of the key highlights of the reform law is the establishment of the Insurance Policyholders’ Protection Fund, designed to safeguard policyholders in cases of insurer insolvency or financial distress.
Omosehin said the new law would also create opportunities for innovation, operational efficiency and expansion within the insurance market.
He, however, maintained that the success of the reforms would depend largely on effective implementation and sustained collaboration among regulators, insurers, brokers and other stakeholders.
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The NAICOM chief also highlighted the growing role of technology in transforming the insurance industry, noting that digital platforms and insurtech solutions could improve access to insurance services, simplify claims management and strengthen risk assessment processes.
He cautioned that technological innovation must be deployed responsibly, with strong attention to data privacy, cybersecurity and inclusion of underserved communities.
Omosehin urged stakeholders in the insurance sector to sustain reform efforts, strengthen accountability and work collectively toward building a more inclusive and globally competitive industry.
“The future of Nigeria’s insurance industry rests in our hands as practitioners,” he said.
“We must elevate public awareness to a national priority. We must deepen collaboration across the industry. We must strengthen accountability and transparency. And above all, we must remain steadfast in our commitment to reform.”
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He added that consistent service delivery, transparency and integrity remained critical to rebuilding confidence in the sector and improving public perception of insurance nationwide.
