NAICOM Commits to Stable Insurance Sector
…Pledges Collaboration on Youth Development
By Patience Ikpeme
The National Insurance Commission (NAICOM) has declared its determination to create a sound and stable insurance sector that will contribute optimally to the growth and development of the Nigerian economy. This commitment was made by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, while speaking at the 10th Nigerian Association of Insurance and Pension Editors (NAIPE) Annual Conference in Lagos.
Mr. Omosehin said the commission’s commitment to protecting policyholders and beneficiaries remains firm. “Through a collaborative synergy among all stakeholders, we expect a marked increase in operational metrics, reflecting the sector’s accelerated growth trajectory and reaffirming our commitment to excellence,” he said. He added that NAICOM is committed to working with all industry stakeholders to promote awareness, education, and innovation, believing that collaboration and partnership are essential for the industry’s growth. “Together, we can create a more robust and effective framework that benefits all Nigerians,” he stated.
In a separate development, the Sustainable Development Goals (SDGs) Synergy Initiative paid a courtesy visit to the National Insurance Commission to seek a partnership in creating greater awareness about insurance and engaging Nigerian youths in the implementation of the SDGs. In his address, the Executive Director of the initiative, Mr. Usman Alhaji Lawan, disclosed that the United Nations Development Programme (UNDP) is a support partner for the upcoming youth summit, which the initiative is organizing in collaboration with the National Youth Assembly of Nigeria (NYAN).
The summit’s objectives, he noted, are to raise awareness about the importance of youth participation in achieving the SDGs, foster collaboration between Nigerian youths and the Brazilian Embassy in supporting the SDGs, and to point out the specific roles of youths in contributing to the implementation of the goals. Mr. Lawan called for NAICOM’s support in sensitizing young people on the importance of insurance, saying the summit intends to engage critical stakeholders to ensure its success.
Responding to the proposal, the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, mentioned the Commission’s ongoing initiative with the Federal Ministry of Youth to engage one million youths in capacity building. He commended the SDGs Synergy Initiative for its forward-looking proposal and assured them of NAICOM’s collaboration to deepen insurance penetration in Nigeria.
