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Insurance Commissioner reiterates commitment in protect policyholders’ interest

The Commissioner for Insurance and Chjief Executive Officer of the National Insurance Commission (NAICOM) Mr. Olusegun Ayo Omosehin has reiterated the insurance commission’s determination to protect the interest of insurance consumers saying that the policyholders should be assured of the capacity of insurance companies to fulfill their contractual obligations.

Mr Omosehin gave the assurances when he played host to members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission led by Engr. Sani Mohammed Baba who are on a working visit to the National Insurance Commission. The primary agenda of the visit was to explore collaborative opportunities to advance the diversification of the Nigerian economy.

Mr. Olusegun Ayo Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders. He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively. He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.

Engr. Sani Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.

The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu GCFR’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026. He expressed the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.

 Mr. Omosehin highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.

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