Insurance Recapitalisation: Insurers Must Support NAICOM Reforms – Onoja

Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), has been commended for his outstanding leadership and contribution to the development of Nigeria’s insurance industry.

Naija News reports that in a statement on Tuesday, Charles Onoja, the Chairman of the Good Governance Assembly (GGA)’s Board of Leaders, said the organisation had reviewed the commission’s recent activities and was impressed by the progress recorded under its current leadership.

Onoja said the successful conclusion of the insurance industry’s recapitalisation exercise demonstrated the regulator’s commitment to building stronger institutions and creating a more stable environment for businesses and investors.

“We commend the commissioner for insurance and chief executive officer of NAICOM, Mr Olusegun Ayo Omosehin, for the work he has done to reposition the insurance industry and strengthen regulatory standards. The scale of the recent recapitalisation exercise demonstrates that the commission has remained focused on its responsibility to build a stronger and more sustainable insurance sector,” he said.

The GGA noted that the fresh capital attracted into the industry represented an important development for a sector that plays a critical role in mobilising long-term funds, protecting businesses and supporting economic activity.

It said the reported N1.079 trillion raised during the recapitalisation exercise, with 48 insurance companies and two reinsurance companies meeting the new capital requirements and being relicensed, reflected the outcome of a regulatory process aimed at improving the capacity of insurance companies to meet their obligations.

Onoja said Omosehin deserved recognition for maintaining the commission’s focus despite the competing interests and concerns that emerged during the recapitalisation process.

“What is important at this point is to recognise the broader objective of the exercise. The insurance industry cannot remain weak if Nigeria is serious about attracting investment, protecting businesses and supporting economic growth. NAICOM under Mr Omosehin has taken steps towards ensuring that companies operating in the sector have the capacity to meet the demands of a modern economy,” he said.

The group said reforms in the insurance sector were relevant to the federal government’s broader economic objectives.

It urged stakeholders in the insurance sector to support ongoing reforms and engage the regulator through appropriate channels whenever concerns arise.

According to the group, disagreements over regulatory decisions should not overshadow the broader progress recorded in the industry or undermine confidence in the institutions responsible for regulating it.

Onoja stressed that the GGA would continue to monitor developments in the insurance sector while supporting measures that promote transparency, accountability and sustainable growth.