The federal government has reiterated its commitment to advancing reforms in Nigeria's insurance sector, prioritising stronger regulatory oversight and broader financial inclusion. Olusegun Ayo Omosehin, commissioner for insurance and chief executive officer of the National Insurance Commission (NAICOM), made the declaration in Lagos during an event marking the commission's second anniversary. He outlined plans to improve industry transparency, ensure compliance with capital adequacy requirements and increase insurance penetration across the country. Omosehin noted that NAICOM has introduced revised risk-based solvency regulations and is working to digitise licensing and supervision processes. He also highlighted efforts to expand microinsurance schemes, particularly in rural areas, to bring more Nigerians into the formal risk protection system. The commission aims to align the sector with global best practices while supporting national economic development goals.
Olusegun Ayo Omosehin's push for risk-based solvency rules signals a shift toward stricter industry discipline. If enforced consistently, these changes could reduce the number of undercapitalised insurers currently operating in Nigeria. This may lead to fewer but more reliable insurance firms available to consumers. For ordinary Nigerians, that means policies could become more secure, though possibly more expensive.
