By Ngozi Onyeakusi—The Commissioner for Insurance, National Insurance Commission, Mr Olusegun Ayo Omosehin has assured that the commission under his watch is focusing  on ensuring that genuine claims are settled promptly. This, he said is part of efforts of his administration  towards rebuilding public confidence and trust in the insurance industry.

Speaking at an interactive session with the media in Lagos, Omosehin stated that rebuilding public confidence and trust remains one of his  core mandate noting  that one of the best way of achieving that is by ensuring that genuine claims are settled promptly.

“This is one of the cardinal objectives of this administration. We are taking it seriously and in all our engagements with stakeholders we made it clear that rebuilding public confidence and trust in the industry is our core mandate and we must deliver ”

He assured that the commission has already set up a public complaint bureau, calling on policyholders to take advantage of that whenever they are denied of  genuine claims.

Other areas of priority according to him include strengthening  NAICOM’s internal capacity to regulate the industry effectively. This includes enhancing the legal and regulatory framework to ensure that the Commission can take decisive action without being challenged by any individual or institution.

Ensuring  financial soundness of insurance companies. On this he emphasized the need for operators to meet  their operational requirements, one of which is meeting the minimum capital requirements to enhance the sector’s stability.

“We want sound insurance firms. Our desire is to see firms that are respected. A sector that is financially sound” ,  he. said.

Fostering Innovation:  Omosehin identified innovation as a critical driver of growth. To this end, He assured that NAICOM planed to establish a new directorate focused on encouraging innovative ideas within the industry.
“We believe that innovation is key to driving growth and development in the insurance sector,” he said.

Improving accessibility and penetration of insurance in the Nigerian market. This includes enforcing compulsory insurance policies and ensuring that insurance benefits reach a broader spectrum of society.

He said strengthening the Commission’s internal capacity will give it the needed power to effectively regulate the industry like what is happening in the banking sector where the Central Bank of Nigeria (CBN) has been given enough powers to function effectively. “That is the kind of power we want for NAICOM,” he said.