NAICOM tasks NIA on prompt claims, digital innovation

The National Insurance Commission (NAICOM) has called on the newly installed leadership of the Nigerian Insurers Association (NIA) to focus on key areas including swift claims payment, maintaining strict market discipline, and embracing digital innovation to boost the industry's economic contribution. The directive was issued by NAICOM Commissioner and Chief Executive Officer, Mr. Olusegun Omosehin, during the investiture of Mrs. Ebelechukwu Nwachukwu as the 27th Chairperson of the NIA in Lagos.

Mrs. Nwachukwu, who also serves as the Managing Director of Rex Insurance Limited, made history as the first woman to head the association in its 55-year existence. Omosehin expressed confidence in her leadership to drive growth and professionalism within the sector. However, he stressed the critical need for a transparent approach in operator-consumer interactions to build public trust. "Every claim paid, every policy clearly explained and every customer treated fairly adds to the strength of the industry," Omosehin stated. "My charge to the NIA is to make claims experience a market-wide priority. Let us publish our claims record. Let us compete on service. Let Nigerians feel the impact of insurance."

NAICOM also urged the NIA to support stronger enforcement of compulsory insurance policies, aiming to better protect policyholders and enhance the credibility of the insurance industry. Furthermore, the commission emphasized the need for accelerated adoption of technology to simplify access to, understanding of, and purchase of insurance products. Omosehin paid tribute to the outgoing NIA Chairman, Mr. Kunle Ahmed, acknowledging his contributions, particularly during the passage of the Nigerian Insurance Industry Reform Act 2025, which has significantly reshaped the industry's regulatory landscape.

Representing Lagos State Governor Babajide Sanwo-Olu, Commissioner for Finance Abayomi Oluyomi highlighted the insurance industry's vital role in fostering confidence for investment and planning. He congratulated Nwachukwu on her historic appointment, recognizing her professional achievements and leadership. The governor also commended Ahmed's stewardship during a period of critical reforms. Looking ahead, Oluyomi presented a three-point charge to Nwachukwu, focusing on driving mass adoption of insurance among households and small businesses, solidifying public trust, and...

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Every claim paid, every policy clearly explained and every customer treated fairly adds to the strength of the industry. My charge to the NIA is to make claims experience a market-wide priority. Let us publish our claims record. Let us compete on service. Let Nigerians feel the impact of insurance.