National Insurance Commission (NAICOM)|Insurance Claim Payments

Folashade Adeniran
Apr, Thu, 2025

Proactive risk management key to Nigeria’s development- NAICOM

239 total views today

By Taiye Olayemi

National Insurance Commission (NAICOM) has called for a proactive, data-driven, and forward-looking risk management approach to boost national development.

Mr. Olusegun Omosehin, Commissioner for Insurance, made the call during the Risk Managers Society of Nigeria’s (RIMSON) 40th-anniversary celebrations in Wednesday in Lagos.

The theme of the programme is “Risk Management in Nigeria: Evaluating the Impact and Relevance to National Development”.

Omosehin urged stakeholders to be committed to advancing risk management practices that align with Nigeria’s development aspirations.

He said, “As we evaluate the impact of risk management on national development, we must embrace a proactive, data-driven and forward-looking approach.

“Risk management should not be seen as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development and public policy.

“I encourage all stakeholders to deepen collaboration, share insights, and commit to advancing risk management practices that align with Nigeria’s development aspirations.

“Together, we can build a more resilient, secure and prosperous nation.”

Omosehin noted that risk management could be seen as one of the cornerstones of sustainable development.

He said that in today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks was central to national resilience and progress.

He explained that in Nigeria, it could be observed how the lack of structured risk mitigation had hampered growth.

He said this could be seen from business disruptions to the socio-economic consequences of climate-related disasters, cyber threats and public health emergencies.

“The insurance industry, under the regulatory oversight of NAICOM, plays a pivotal role in fostering a robust risk management culture in Nigeria.

“Through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment and innovation.

“Our regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholders are protected.

“We are also working to expand insurance penetration, particularly among underserved communities, so that risk mitigation is inclusive and equitable.” (NAN) (nannews.ng)

Edited by Olawunmi Ashafa

Insurers to cover all resolved claims – NAICOM

Folashade Adeniran
Feb, Wed, 2025

Economy/Business

Insurers to cover all resolved claims – NAICOM

412 total views today

By Taiye Olayemi

The National Insurance Commission (NAICOM) has stated that insurance companies are now required to cover the costs of every case it resolves.

This decision was made at the Insurers’ Committee Meeting held in Lagos on Wednesday.

Mrs Ebelechukwu Nwachukwu, Head of the Communication and Stakeholders Management Sub-committee, said the commission had said that the move aimed to sanitise the insurance industry.

Nwachukwu, also Managing Director of Rex Insurance Ltd., stated that the regulator noted this decision would help reduce complaints from policyholders.

She noted that NAICOM said it would also promote accountability among insurance companies.

She said the NAICOM commissioner expressed concern over the high number of unresolved insurance claims, in spite of efforts to improve settlement processes.

“The NAICOM Commissioner wants insurance companies to engage their brokers and customers to reduce outstanding claims,” she said.

She added that the regulator emphasised compliance with Nigeria’s Data Protection Regulations and urged practitioners to undergo training on data protection.

“Given the global digital transformation, NAICOM sees the need to develop cyber insurance products,” she said.

She noted that NAICOM was collaborating with NITDA and the Nigeria Data Protection Agency to achieve this.

“Operators should begin engagements to roll out cyber insurance products,” she added.

Nwachukwu explained that NAICOM remained committed to creating an enabling environment for insurance practitioners.

She said NAICOM was discussing ways to secure Nigeria’s aviation industry, given recent risks.

“NAICOM urges support for enforcing third-party motor insurance and seeks collaboration on its innovation lab,” she said.

On regulatory compliance, she encouraged practitioners to meet requirements and ensure credibility in filing financial statements and returns.

“The NAICOM commissioner spoke on solvency control, stressing that CEOs must educate boards on the required solvency levels for insurance companies,” she said.

She added that the current framework will be reviewed as it is based on existing capital requirements. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo