NEWS AGENCY OF NIGERIA
NAICOM, FRC charge actuaries on product design innovation, risk management 

NAICOM, FRC charge actuaries on product design innovation, risk management 

44 total views today

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

The National Insurance Commission (NAICOM) has urged actuaries to design effective risk management strategies and develop products that meet society’s evolving needs.

 

Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, made the call at the 2025 Annual Conference of the Nigerian Actuarial Society (NAS) on Wednesday in Lagos.

 

The News Agency of Nigeria (NAN) reports that the conference, which brought together professional actuaries, insurers, academics, and students, has the theme: “Creating Value and Building Resilience in an Evolving Industry”.

 

Omosehin, represented by Dr Usman Jankara, Deputy Commissioner (Technical), NAICOM, stated that as the industry faces challenges such as climate risk, cyber threats, and health system vulnerabilities, the actuarial profession must continue to innovate and lead.

 

He noted that actuaries play a critical role, as their expertise in risk modeling, data analytics, and long-term financial planning is essential to ensuring that insurance products remain sustainable, inclusive, and responsive to major risks.

 

Omosehin said that the conference’s theme remained relevant as the Nigerian insurance sector continued to undergo significant transformation driven by technological innovation, shifting consumer expectations, and evolving regulatory frameworks.

 

He said, “It is reassuring to note that the industry has shown tremendous resilience and growth. As of Q1 2025, Nigeria’s insurance sector recorded a 63 per cent increase in gross premium income compared to Q1 2024, reaching N769.2 billion in just the first three months of 2025.

 

 

 

“This growth reflects market confidence and increasing relevance of insurance in the Nigerian economy. In the same period, the industry’s total asset stood at N4.12 trillion, underscoring a stronger financial foundation of the industry.

 

 

 

“These figures represent a positive improvement in the industry’s loss ratio when compared to Q1 2024, it also represents 89.1 per cent of total reported things, indicating improved responsiveness of the industry to stakeholders.”

 

 

 

According to him, NAICOM was committed to fostering a regulatory environment, supporting innovation, protecting policy makers, ensuring transparent processes, and promoting long-term industry sustainability.

 

 

 

He said that the commission was committed to strengthening supervisory framework, encouraging digital transformation and supporting inclusive insurance movement.

 

 

 

“Given Nigeria’s youthful tech savvy population, Nigeria is well positioned to lead in digital insurance.

 

 

 

“To seize this opportunity, we must invest in talent, or put global standards, and foster a culture of continuous learning and ethical leadership, while exploring new opportunities such as insurance,” he said.

 

 

 

The CFI said as part of NAICOM’s strategy, the guidance for insure -tech operations in Nigeria had been concluded and about to be issued.

 

 

 

He added that the commission had also launched the Actuarial Capacity Development Initiative, which is intended to build actuarial talent and efforts on going to India.

 

 

 

The commissioner, however, noted that there were a lot of challenges, including funding, but the commission was actively engaging development partners, such as the Afrikari Foundation, GIZ, UNDP, and other international donors to secure funding and support for the initiative.

 

 

 

Omosehin said, “While these efforts are ongoing, it has become imperative for the Nigerian insurance industry to fight this and commit to funding actuarial capacity development in Nigeria.

 

 

 

“I therefore call on all stakeholders, particularly insurers, actuaries, and educators, to continue to work together to build a resilient industry that is inclusive and value driven.

 

 

 

“We must continually champion policies that support actuarial development, encourage research, and ensure that our industry remains a pillar of economic stability and social protection.”

 

 

 

Also speaking, Dr Rabiu Olowo, the Executive Secretary and CEO of the Financial Reporting Council (FRC) of Nigeria, called for collaboration, purpose value creation and financial resilience in the industry.

 

 

 

Olowo said across the globe, people continue to witness profound shifts in how value is measured, risk is assessed and how systems respond to the rapid changes.

 

 

 

He said this also included the rise of artificial intelligence to climate uncertainty, sustainability reporting, graphical realignment to the evolving nature of managerial products in markets.

 

 

 

Olowo emphasised the role of actuaries in navigating uncertainty, guiding long-term decisions, and building sustainable systems through its deep foundations in mathematics, risk modeling, and financial foresight.

 

 

 

He said that stakeholders must fully leverage expertise of actuarial professionals to create value and resilience for the society, especially in Nigeria and in Africa.

 

 

 

“We recognised that for Nigeria to build a resilient and competitive economy, we need a robust pipeline of Actuarial experts.

 

 

 

“Nigeria currently has fewer than 30.5 actuaries while an economy which is similar to ours, South Africa, has about 2,000.

 

 

 

“This is a capacity gap that directly affects our ability to manage pension funds, price risks, value liabilities, and our ability to attract and retain investment.

 

 

 

“We are committed to building Nigeria’s Actuarial capacity and aligning with global standards.

 

 

 

“As a regulator, we depend on artuaries to help answer difficult questions. How do we value assets in an increasingly intangible economy?

 

 

 

“How do we protect public interest with fostering innovation? How do we integrate risks, sustainability, and resilience into the long-term economic planning of our nation and our organisation?

 

 

 

“These are the frontiers where Artuarial science must operate, and these are the challenges we must tackle together,” he added.

 

 

 

In his address, the President, Nigerian Actuarial Society (NAS), Mr Jolaolu Fakoya, who noted the critical role actuaries played in shifting a strong future for the economy, emphasised need for resilience in the industry.

 

 

 

“As we navigate an economy marked by uncertainty, disruption and transformation, the core to create value and view resilience is more than just a thing. It’s a professional imperative.

 

 

 

“As actuaries, our role goes beyond analysis. It extends to leadership, stewardship and innovation.

 

 

 

“Our profession is a calling to view resilience, to equip businesses and institutions to thrive and maintain integrity and change.

 

 

 

“Over the next two days, we’ll explore big ideas and practical tools through sessions such as VisualTech, AI Workshop, and a lot of other engaging topics that we are blind of,” Fakoya said.

 

 

 

In his remark, Mr Babatunde Fajemirokun, Managing Director, AIICO Insurance Plc, who spoke on how Insurtech impact value creation, called for strategic partnership in driving innovation and leveraging digital platforms.

 

 

 

Other speakers at the conference reiterated the need for resilience and collaboration to meet needs within the industry and also provide a lot of cover for customers. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

NAICOM moves to safeguard retiree life annuity funds

NAICOM moves to safeguard retiree life annuity funds

178 total views today

 

 

 

 

By Taiye Olayemi

 

The National Insurance Commission (NAICOM) says it will soon release supplementary guidelines aimed at further securing Retiree Life Annuity (RLA) funds, to provide greater protection for annuitants.

 

Mr Moruf Apampa, a member of the Communication and Stakeholder Engagement Sub-Committee of the Insurers’ Committee, made this known on Wednesday at a news conference held after the June 2025 Insurers’ Committee meeting in Lagos.

 

Apampa, who is also the Managing Director of NSIA Insurance Ltd., said the forthcoming guidelines were part of NAICOM’s broader efforts to enhance the regulatory environment and ensure that funds dedicated to retirees were properly safeguarded.

 

He added that the supplementary regulations would further reinforce public trust in the insurance sector and demonstrate NAICOM’s resolve to uphold the rights of retirees and policyholders.

 

“NAICOM has brought out a supplementary guideline on the business of annuity to build further confidence in the market.

 

“NAICOM is coming up with additional guidelines to ensure that annuitants are actually protected.

 

“The commission is taking proactive measures to ensure that no company goes under or annuitants are not paid their normal monthly allowance.

 

“This is to ensure no failure recurs. These guidelines will be released soon,” he said.

 

Apampa noted that NAICOM was also looking into simplifying claims documentation and payment processes to enhance customer experience.

 

According to him, the commission is also working on repositioning the insurance industry, which includes developing guidelines on cyber risk.

 

He said, “NAICOM is coming up with new guidelines that will support the initiative of the government in improving the economy, one of which is the market guidelines.

 

“The commission has seen significant improvement in claims payments and has commended the industry, advising on further improvement.

 

“On solvency compliance, NAICOM also commended insurers who are observed to be in tune with the regulations, and hopefully, there will be significant improvement in the industry’s second quarter report.”

 

Explaining further on the supplementary guidelines, Mr Abba Halil, Head of Corporate Affairs at NAICOM, said, “This is a revised guideline that is being put in place in view of the fact that regulation is dynamic.

 

“As situations within the industry change, there is need to make certain decisions. So, NAICOM is not bringing up new guidelines but a set of revised guidelines in which improvements have been made.”

 

The committee comprises insurance industry executives and NAICOM officials, and serves as a platform for collaboration and policy dialogue aimed at sectoral growth.(NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Long-term financial planning, risk management crucial to secure retirement – NAICOM 

Long-term financial planning, risk management crucial to secure retirement – NAICOM 

238 total views today

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

The National Insurance Commission (NAICOM) says long-term financial planning and risk management are crucial for securing a comfortable retirement.

 

 

 

Its Chief Executive Officer, Mr Olusegun Omosehin, said this during the 2025 edition of Inspenonline Retirement Summit on Wednesday, in Lagos.

 

 

 

Omosehin, who was represented by Mr Julius Odidi, Lagos Director of NAICOM, said individuals must prioritise early planning and saving for their retirement to ensure financial stability and security in their golden years.

 

 

 

The theme of the summit is “Attaining Good Retirement Amid Economic Headwinds”.

 

 

 

The Commissioner for Insurance said that financial planning was essential due to growing complexities retirees face in an era defined by inflationary pressures, market volatility, and shifting demographic patterns.

 

 

 

He said, “The reality today is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings.

 

 

 

“These economic headwinds are not merely statistics, they represent the lived experiences of millions of our citizens. As regulators, insurers, pension administrators, and policymakers, we must rise to this challenge with innovation, empathy, and resilience

 

 

 

“From the insurance sector’s perspective, retirement planning must be rooted in long-term financial protection and risk management.

 

 

 

“Products such as annuities, life insurance, and retirement savings plans are not just financial instruments, they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and align with the evolving needs of our aging population.”

 

 

 

According to Omosehin, the economic headwinds confronting retirees could be surmounted through coordinated action, strategic foresight, and trust in financial instruments, institutions and systems.

 

 

 

He said to navigate the period effectively, policy alignment and regulatory reforms must be focused on.

 

 

 

He noted that product relevance and accessibility as well as financial literacy and consumer empowerment must also be priotised.

 

 

 

“We must ensure that our policies across the insurance, pension, and financial sectors are not working at cross-purposes.

 

 

 

“Regulation must be enabling, responsive, and focused on long-term value rather than short-term gains.

 

 

 

“Industry must invest in designing affordable, relevant, and inclusive retirement products, especially for the informal sector, which constitutes a significant portion of our population.

 

 

 

“Micro-insurance and digital platforms hold tremendous potential in this regard,” he said.

 

 

 

Omosehin urged insurers, and regulators to collaborate, innovate, and advocate for policies and practices that will ensure every Nigerian retiree have the means to survive and the resources to thrive.

 

 

 

“At NAICOM, we remain committed to deepening insurance penetration, strengthening consumer confidence, and fostering partnerships across the financial services system.

 

 

 

“We are actively engaging with stakeholders to develop frameworks that enhance the integration of insurance and pension systems, especially in addressing longevity risks and post-retirement income security,” he said.

 

 

 

Also, Mr Akinjide Orimolade, Managing Director, Stanbic IBTC Insurance Ltd. explained the rudiments of the company’s new plan known as “Sunset Benefit Plan”, which allows for effective planning ahead of retirement.

 

 

 

The Chairperson, Nigeria Labour Congress, Lagos Chapter, Funmi Sesi, called on all levels of government to ensure full compliance with the Contributory Pension Scheme (CPS) as only six states were currently complying.

 

 

 

Sesi also emphasised the importance of prompt payment of gratuity to workers, stressing that delayed payments could cause financial hardship and uncertainty for affected employees.

 

 

 

Meanwhile, Mr Chuks Okonta, Publisher of Inspenonline and organiser of the Retirement Summit, stated that the event aimed to shift the narrative around retirement.

 

 

 

According to Okonta, many people view retirement as a daunting prospect, fearing financial uncertainty.

 

 

 

He said: “We want to change this perception, our goal is to empower individuals to plan effectively for retirement, enabling them to look forward to this phase of life with joy and confidence, rather than fear and uncertainty.” (NAN)

 

Edited by Olawunmi Ashafa

NAICOM urges tech-driven rural insurance growth

NAICOM urges tech-driven rural insurance growth

304 total views today

 

 

 

By Taiye Olayemi

 

The National Insurance Commission (NAICOM) has urged insurance stakeholders to unite in using technology to deepen rural insurance penetration across Nigeria.

 

 

 

Mr Olusegun Omosehin, NAICOM’s Commissioner for Insurance, made the call on Wednesday at the 2025 Business Day Insurance Conference in Lagos.

 

 

 

The conference was themed: ‘Resilience and Growth in Uncertainty: Charting the Path for Nigeria’s Insurance Industry’.

 

 

 

Omosehin was represented by Mr Ekerete Ola Gam-Ikon, NAICOM’s Deputy Commissioner for Finance and Administration.

 

 

 

He stressed the need for collaboration among insurers, regulators, and policymakers to foster growth within the insurance industry.

 

 

 

Omosehin proposed three strategies to deepen rural penetration: innovate for inclusion; enhance regulatory systems; and promote an insurance culture.

 

 

 

He said, “Technology must be leveraged to reach the underserved in rural areas, informal sectors, and younger populations.

 

 

 

“Microinsurance, digital platforms, and inclusive products should shape our future approach.

 

 

 

“As we grow, we must build accountable systems that use data, protect consumers, and prioritise transparency.

 

 

 

“True penetration means cultural adoption. Insurance must be seen as a tool for stability, not a burden.”

 

 

 

He urged stakeholders to unite for a future where every Nigerian can confidently say, “I am covered.”

 

 

 

The Commissioner highlighted insurance as vital to building national resilience in uncertain times.

 

 

 

He said, “The conference’s theme is timely, reflecting today’s risks and emerging opportunities.

 

 

 

“This event shows our shared commitment to advancing Nigeria’s insurance industry in a complex world.”

 

 

 

He noted the sector faces challenges like geopolitical instability, climate risks, digital shifts, and economic changes.

 

 

 

“Still, one thing is clear – insurance plays a crucial role in national resilience,” he stated.

 

 

 

He added, “All stakeholders must act. This industry touches all sectors and is the largest employer in Nigeria.”

 

 

 

Omosehin outlined NAICOM’s regulatory efforts and its partnerships with government and industry to increase insurance reach.

 

 

 

Mr Tayo Fagbule, Editor at BusinessDay Media Ltd., said the conference aimed to push penetration beyond 1 per cent.

 

 

 

He said the industry must become a cornerstone of economic stability, inclusive growth, and development.

 

 

 

“Through this platform, we seek ideas that will become impactful policies, products, and partnerships,” Fagbule stated.

 

 

 

Meanwhile, Rosetta Aryeetey of Leadway Assurance Plc stressed demystifying insurance to boost public understanding and awareness. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

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